Xi Jinping: China ready to embrace blockchain on virtually all levels

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A study of blockchain technology conducted recently by China’s Political Bureau of the Central Committee of the Communist Party (CPC) had extremely positive results. The general secretary of the CPC Central Committee, and China’s president, Xi Jinping, gave a speech at a gathering this week of members of the Central Political Bureau, where he discussed the findings and what’s in store for the country going forward. Xi is now calling for an acceleration of adoption and expects a huge wave of activity taking place over the next couple of years.

Of all the innovations available, blockchain is the one that has the most potential, asserted Xi. He told the group, “We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation.”

The move shouldn’t come as much of a surprise. China has been well aware of the potential of blockchains and, while open to the technology, has been more hesitant on the subject of cryptocurrencies. It has had a policy in place for two years that bans initial coin offerings (ICOs), with a second ban implemented shortly after on crypto exchanges. However, at the same time, there has been a lot of talk about an official state-backed central bank digital currency being introduced. If a CBDC were to be introduced, its timeframe still isn’t established.

Xi also wants to see more activity in the areas of blockchain applications and standardization. He is fully behind the implementation of the technology across virtually all sectors of private and public operations, but wants there to be better control over how the technology is used and enforced in order to provide a thorough and disciplined framework. He suggests strengthening the guidance and research behind blockchains in order to help make that happen.

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Seemingly in step with his views, a hospital in China just announced that it has adopted blockchain technology for part of its operations. The Guangzhou Huadu District People’s Hospital is now using a blockchain-based invoice service, according to the Chinese news outlet Sina, which is able to issue electronic bills for outpatient and inpatient services. The data is accessible through a smartphone application and the rollout follows a trial from September that included its outpatient services.