President China: Blockchain, not bitcoin

President China Blockchain, not bitcoin

Chinese President Xi Jinping calls on China to do more about blockchain as technology. He said that during a press conference on 24 October. He even calls blockchain crucial for promoting technological innovation.

Blockchain for better technology

Xi Jinping: “We must see blockchain as an important breakthrough for independent innovation of important technologies. We need to increase investment, focus on key technologies, and accelerate the development of blockchain and industrial innovation. “

Blockchain, not bitcoin

Nice words, but what does that mean for the crypto community? Not really that much. China is still cracking down on cryptocurrencys. China banned Initial Coin Offerings (ICOs) in 2017, and cryptocurrency exchanges were banned not long afterwards.

And in certain parts of China, mining of bitcoin is not allowed. This is Inner Mongolia, the part of China that borders Mongolia. Currently, enforcers would check where bitcoins are mined in that area.

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China busy with its own cryptocurrency

China does not have it with bitcoin, the rumors are that the Chinese government is working on a Central Bank Digital Currency. That is a kind of cryptocurrency, but then managed centrally. A CBDC is in that respect at odds with the principles of bitcoin, a decentralized cryptocurrency.

It is not known when the CBDC of China will be launched. According to the Chinese central bank, the People’s Bank of China (PBoC), the digital currency must be “researched, tested and evaluated” before it can reach the market.

Chinese president is in an illustrious list

The president of China is not the only one who finds blockchain a cool development. Prince Charles of the United Kingdom also thinks blockchain is great.

A crypto enthusiast spoke to him: “Prince Charles! What do you think of bitcoins? ” Prince Charles responded: “Huh? Oh blockchain! Nice development. “The entire crypto community thought it was fantastic that Prince Charles had said Blockchain. Watch the video here:

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Bill Clinton also likes blockchain. “The possibilities of blockchain are great,” the former president of America said at the annual Ripple Swell conference last year. You also read a lot about that at the time. And okay, we also participated.

What do you think of blockchain?

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