SOURCE

Xi Jinping, President of the Peoples Republic of China, openly heralded the blockchain technology calling it an example of a “new generation” of technologies delivering “breakthroughs.”

Xi was addressing a meeting of the Chinese Academy of Sciences and the Chinese Academy of Engineering. Where he boldly stated, “Since the 21st century began, global scientific and technological innovation has entered an unprecedented period of intensive activity. A new round of scientific and technological revolutions and industrial changes is reconstructing the global innovation map and reshaping the global economic structure. We have established verifiable blockchain programs in China, and nearly 200 private enterprises have expressed interests to join. [This] will help blockchain technology and industry to become more transparent and open,” local media quoted a government spokesman as saying on the topic of domestic efforts.

Bitcoin is the first and most well-known application of blockchain. The technology eliminates3rd party figures, centralization and an intermediary, such as a bank, by acting as the secure record of transaction between two people.

Beijing has halted bitcoin trading last September. However, the country remains a central figure for blockchain development. Several start-ups have already partnered up with the local Chinese government to research or implement the technology.

So we will need to see if China will change their minds about crypto currency because of thier love for block chain or will they remain opposed to the next generation of digital asset.

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