Chinese President Hails Blockchain – as Crypto Biz ‘Leaks’ Abroad

in crypto •  2 years ago 

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Chinese President Hails Blockchain – as Crypto Biz ‘Leaks’ Abroad
By Tim Alper
May 31, 2018
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Chinese President Hails Blockchain – as Crypto Biz ‘Leaks’ Abroad 101
Source: iStock/bushton3
Chinese President Xi Jinping says that blockchain technology is bringing about “breakthroughs” in the country.

Speaking at a meeting at the Chinese Academy of Sciences, Xi said that the country needed to “build a powerful world of science and technology more than any other time in history," and made specific mention of blockchain technology.

Per Xinhua, Xi stated, “A new generation of technology represented by artificial intelligence, quantum information, mobile communications, internet of things and blockchain technology is accelerating breakthrough applications.”

The announcement comes hot on the heels of a deal between TenCent, the parent company of WeChat, a messaging app, and tax authorities in China’s Shenzhen province. The organizations say they will jointly develop a “smart tax” system, powered by blockchain technology.

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