President Xi Says China Should 'Seize Opportunity' to Adopt Blockchain

Xi Jinping, President of the People's Republic of China and General Secretary of the Communist Party of China, said the country needs to "Seize the opportunity" afforded by blockchain technology.

Speaking as part of the 18th collective study of the Political Bureau of the Central Committee on Thursday in Beijing, Xi said blockchain technology has a wide array of applications within China, listing topics ranging from financing businesses to mass transit and poverty alleviation.

"We must take the blockchain as an important breakthrough for independent innovation of core technologies," Xi told committee members.

"[We must] clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.

The Chinese president's remarks on blockchain are believed to be his first in-depth remarks on the technology.

Xi said that it would be "Necessary to implement the rule of law network" into existing and future blockchain systems.

Since a 2017 decision by the People's Bank of China, cryptocurrencies are banned in the country, although a digital renminbi is being developed by the central bank and likely to launch soon.