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China will implement blockchain at an accelerated pace

23.10.2019

On October 25, China hosted a meeting of the Politburo Committee on Economic Development and Modern Technologies. At it, Chinese President Xi Jinping called for the development of the blockchain industry and the introduction of similar technologies throughout the country.

Within the framework of the meeting, other possibilities of the Chinese economy were also discussed, but special emphasis was placed on the blockchain and its possibilities. The Chinese leader said that the government should focus on specific areas for the development of this technology and stimulate the development of the industry financially.

Xi Jinping is confident that the introduction of a decentralized database into management systems will allow the country to make another leap in the economy. The rulers statement instantly affected the economic performance of many blockchain startups and cryptocurrencies.

The PRC government can become a leader in blockchain systems and related technologies. Most companies and financial institutions based on a decentralized database exist in China or nearby regions.

It should be noted that the country has introduced more than 12 documents regulating activities related to digital currency. Officially, the government has completely banned ICOs and partially trading on cryptocurrency exchanges. Perhaps it is the Chinese thaw in digital money that will give a new impetus to the entire market.

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