Xi Jinping, the President of the People’s Republic Of China promised major funding for blockchain technology, saying that this tech is an ‘important breakthrough.’ The crypto markets pumped in reaction and we are about to read more in the Blockchain news today.
As if to prove that Zuckerberg was right when he said that China will surpass the USA with the crypto development, Xi Jinping made a statement that spiked the crypto markets. According to the Xinhua News Agency, the Political Bureau of the CPC Central Committee carried out its 18 study and the future trends of blockchain technology development.
The president reportedly praised and made clear how blockchain technology is very important for society. He called it a ‘breakthrough’ and said that the integration was essential. He believes that Blockchain will play an important role in innovation and industrial transformation by saying:
‘’We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation.’’
This timing of the Chinese President’s words is a little too perfect for Zuckerberg. The FB CEO warned the US Congress that China will leave the USA in the dust if they do not continue with the innovation. While the debate is ongoing, the rest of the world is not waiting. China is moving quickly to launch a few other ideas in the coming months. He warned that if America doesn’t innovate, the financial leadership of the country will not be guaranteed.
In the meantime, the Asian economy is steaming ahead when it comes to blockchain technology. The CEO of Binance Changpeng Zhao recently stated that even WeChat pay is starting to place some receipts on the blockchain and in turn the US is stopping all projects and sending subpoenas around. Whether the threat of China will be good enough to inspire the US regulators to take action, remains to be seen but in the meantime the crypto market is so far, responding positively to the news. Bitcoin even leaped by more than $200 over the last hour.
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