- China is ready to launch their Crypto Currency backed by gold. The schedule has not been set though.
- Chinese President Xi Jinping Calls for More Research, Investment into Blockchain Technology
by Liu Zhen, https://www.scmp.com/
* ‘Greater effort should be made to strengthen basic research and boost innovation capacity,’ leader tells Communist Party’s elite
* Technology can be used to ‘empower industries, increase efficiency and lower costs’, industry expert says
–Chinese President Xi Jinping has appealed for greater urgency in the development ofckchain technology in a move analysts say could open up a new front in the country’s growing rivalry with the United States. As general secretary of the Communist Party of China Central Committee, Xi chaired a meeting on the subject with senior cadres.
Blockchain would play “an important role in the next round of technological innovation and industrial transformation”, Xinhua quoted him as saying at a group study session for members of the Politburo on Thursday.
As such it should be made a key part of the country’s innovation programme, and investment in the sector should be increased, he said. “Major countries are stepping up their efforts to plan the development of blockchain technology. Greater effort should be made to strengthen basic research and boost innovation capacity to help China gain an edge in the theoretical, innovative and industrial aspects of this emerging field.”
Xi said blockchain technology could be applied to many different fields, including finance, education, employment, elderly care, poverty alleviation, health care and food security, infrastructure management and public services. Blockchain is a form of encrypted ledger. With each transaction, the chain grows but all previous records are stored and are verifiable.
Jenny Yang, the founder of BlockGlobe – a portal for news on blockchain and related sectors – said the technology could be used, for instance, to provide evidence of a company’s business operations, which in turn could help it to secure financing and reduce the risks faced by lenders.