As China prepares to release its official digital currency, the president has spoken in support of blockchain technology, saying that the country needs to make sure that it fully takes advantage of all the advantages that blockchain offers.

Jinping who is also the General Secretary of the Communist Party of China said that China must “seize the opportunity” to use blockchain to improve its technology, finance and industry. According to him:

“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.”

This is basically the first time the Chinese president is publicly speaking about blockchain technology even though China is making final preparations to release its digital Yuan. Jinping also spoke about a significant enough plan for implementing wide use of blockchain technology. Furthermore, the president said there’d also be a need for proper guidance for this implementation if it is to have the desired effect of facilitating innovation in the country. In addition, he stressed the need for proper regulation which will facilitate the widespread testing of the technology. He also mentioned that there would be a need to facilitate proper training and general education on the advantages and uses of the sector, before proper implementation can be achieved.

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