China’s President Xi Jinping recently told the Politburo that the country must “seize the moment” and push for blockchain adoption. The news has caused massive ripples throughout the country.
Blockchain is making headlines in China after strong words by President Xi, as reported by BeInCrypto yesterday. The President told the highest-ranking officials in the country recently that the country must seize this technology and be the first to implement it. The speech essentially confirmed Jinping’s strategy of technological dominance, wishing to best his rivals by adopting blockchain technology.
Blockchain-Mania in China
The speech caused a media wave in China as all the major papers reported on the promise of blockchain technology. In the People’s Daily, ‘blockchain’ made the front page today. Xunlei Ltd, a Chinese company investing in cloud computing and blockchain, is up 107% in just 24 hours after the news. Clearly, Xi’s announcement is causing an explosion of interest within the country.
This blockchain-mania is even having sweeping effects on education. According to reporter Dovey Wan, top universities in China are now offering blockchain courses seemingly overnight. She also writes that local initiatives for blockchain-related education will be implemented on a massive scale shortly.
12 hours after the major "Xi Pump"
1. "Blockchain" headlined on People's Daily print version today
2. Top Universities in China start "Blockchain" course offering overnight
3. Expect to see massive blockchain initiatives from local municipal soon
The ripple effect is strong pic.twitter.com/2E2Be6RHol
— Dovey Wan 🗝 🦖 (@DoveyWan) October 26, 2019
China Still Remains Opposed to Cryptocurrencies
It should be noted, however, that President Xi did not mention Bitcoin or any other cryptocurrencies in his speech. He was solely praising the technology itself — not the many projects surrounding it. It seems that the Chinese state is not actually interested in cryptocurrencies per se since it would compete directly with the renminbi.
Still, the news comes at the same time Bitcoin smashed expectations and rose by close to $3,000 in just the span of a day. It’s unclear whether the pump is related to Xi’s comments, but sentiments are high right now and the market seems relatively optimistic.
Maybe China will soon realize that ‘blockchain without cryptocurrencies’ is nonsensical. For now, this is a big win for the industry.
Do you think that China will lead the world in blockchain development in the coming decade? Let us know your thoughts below in the comments.
Images courtesy of Shutterstock, Twitter.
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