Chinese President Endorses Blockchain

Chinese President Endorses Blockchain


The Chinese President, Xi Jinping has become the latest important person to endorse the importance of the blockchain technology in his speech this week.

In his speech at the nineteenth annual conference of the Chinese Academy of Sciences on Monday, the Chinese president mentioned blockchain to be a part of the technological revolution he envisions for the country:

“Ever since the start of the 21st century, a new generation of industrial revolution is substantially reshaping the global economic structure […] with artificial intelligence, internet of things and blockchain constantly making application breakthroughs.”

Xi mentioned several other breakthroughs in the IT industry such as the advances in mobile communication and quantum computing. He sees blockchain to be a part of a new and innovative technological infrastructure which would help the country maintain its edge.

While the point of view of the president of China is in blockchain’s favor, it is in stark contrast with the official Chinese view of the blockchain and prevailing attitudes towards blockchain and cryptocurrencies in China.

The relationship of officials in China and the emerging crypto market in the country is pretty tense. China has been plagued by a number of scams, more of which come up every passing day.

Recently, the police from the eastern city of Jinan reported that they had arrested ten suspects who were allegedly involved in a crypto pyramid scheme worth 47 million USD. The scam was the latest one to capitalize upon the hype surrounding blockchain.

Authorities have their hands full with multiple fraudulent operations related to blockchain and cryptocurrencies that have come to the notice of the Chinese police. The Chinese authorities have recently released a list of 421 fake cryptocurrencies. In addition to the list, the authorities released guidance for people wanting to invest in ICOs.

Being one of the most powerful people in the world, Xi Jinping’s blockchain endorsement is highly encouraging for the whole crypto space.

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.