During the 18th collective study of the Political Bureau of the Central Committee, China’s President Xi Jinping made an announcement that the country should be increasing the usage of blockchain. This comes just a few days after the CEO of Facebook, Mark Zuckerberg, said, in front of the U.S. Congress, that if the United States doesn’t adopt blockchain, they risk falling behind countries such as China.
China To Invest More In Blockchain
The 18th collective study of the Political Bureau of the Central Committee is taking place today in China. The President of the country, Xi Jinping, who is also the General Secretary of the Communist Party, offered his views on numerous topics, including blockchain. He emphasized on the importance of adopting the technology more, as it’s becoming a major factor in industrial revolutions and technology innovations:
“The integrated application of blockchain plays a critical role in technology innovations and industrial revolutions. Blockchain should be made an essential way and main direction to drive China-led technology innovation. We must increase investments in the blockchain sector, resolve critical technical problems, and accelerate the development of blockchain and industrial innovation.” – President Xi Jinping said.
China has been linked to blockchain and cryptocurrencies before as well. In fact, earlier this year it was announced that the country will be launching a state-backed cryptocurrency. It will be distributed through certain institutions and major corporations such as Alibaba, Tencent, the Bank of China, and more.
Zuckerberg Was Right
The CEO of Facebook appeared before the U.S. Congress on Wednesday. The main topic of this hearing was supposed to be about Libra, the social media’s cryptocurrency project. However, the discussion touched upon other topics as well.
While Congressman Brad Sherman said that Bitcoin and other cryptocurrencies might be a potential threat to the U.S. dollar and its role in the financial world, Zuckerberg warned Congress about the lack of blockchain action. According to him, the U.S. has to take necessary steps to adopt more blockchain innovations, as “China is moving quickly to launch similar ideas in the coming months.”
With the most recent announcement from the President of China, it appears that Zuckerberg’s prediction might actually be correct.
Featured image courtesy of Flickr