Topic: China’s President Xi Urges Accelerated Blockchain Technology Adoption (Read 628 times)

China is not only a dictatorship, but it is going BACKWARDS. Prior to 2012, at least the President changed every ten years, as mandated by the Senior Communist Party Politburo.

Now Xi Jingping is president for life and anyone who criticises him ends up in a concentration camp. The repression is having an effect on China's economy - people are too scared to take risks and don't know what will land them in trouble, so they're keeping their heads down. That's fine for surviving in a dictatorship, but not great for promoting progress and growth.

I dont know where you learned this but is very wrong. China is peoples republic. Ruled by its citizens. It is not a dictatorship. How much capital have influence on government I have no ideas. But for sure much less then in most other countries.

I still don't understand how china of all places could be supportive of blockchain.

Blockchain is a technology (that we use mainly on money but could probably used for something else) that decentralized the power and considering China is a nation that is ruled by dictatorship and gangrapes prisoners and harvest their organs and burn alive the opposers of the regime and all the crazy horribly bad Hitler level and even worse stuff they do, they can't deal with blockchain.

What is the purpose of giving the power back to people if you are running a fully automated human killing and dictator enriching nation? Sure, you can use it just for yourself and your part and ban it for the people who you despise (lets be honest Xİ hates Chinese, why would he act like to them if he liked them) but that doesn't seem to be the reason for it.

Erm, try running for president out of the blue and see how many body parts you finish up with. Anywhere calling itself 'Peoples' or 'Democratic' is a surefire giveaway that they're anything but.

There is good and bad qualities for blockchain, the Chinese government is planning to take the blockchain aspect to implement a centralized currency so that each and every transactions made by its users can be monitored and i am sure they will have all the wallet details and you need to provide your KYC to get a wallet  . If it is used in a decentralized set up it can be anonymous but if blockchain is used in centralized set up all the transactions can be verified and followed by the government.

China is peoples republic. Ruled by its citizens. It is not a dictatorship.

...  China is a nation that is ruled by dictatorship and gangrapes prisoners and harvest their organs and burn alive the opposers of the regime and all the crazy horribly bad Hitler level and even worse stuff they do, ...

Blockchain is a technology (that we use mainly on money but could probably used for something else) that decentralized the power and considering China is a nation that is ruled by dictatorship and gangrapes prisoners and harvest their organs and burn alive the opposers of the regime and all the crazy horribly bad Hitler level and even worse stuff they do, they can't deal with blockchain.

There was also the sayings of the many people in which because of the announcement of President Xi to the Chinese community that they will adapt the process of blockchain technology to be able to make their own digital currency that may help them to manage and transact a good and transparent transaction to the people of cryptocurrency through the help of their new digital currency.

That's because they cannot control or profit from bitcoin. It makes sense they want their people to adopt their own crypto which is under their control. It is a bit odd though TBH since they don't like bitcoin and spoke about it like they were against it. They not against technology they against whoever controls it. Now they can mine their own currency and mind their own business and have their own blockchain separate from ours.
One thing I do wonder is how much of Chinese mining hash rate will be used for its new coin?

Blockchain could really transform the way government officials work under the administration. Blockchain follows principles such as transparency, and security through blocks hash. However, it's seems that China is not going to tolerate decentralized system, instead they're making their own "digital currency" that would still be monitored, but at least transparent provided that the ledger is distributed and not hidden centralized.  Corrupt acts would potentially lessen and therefore makes progress faster for the country.

I don't know what mean by China president with adoption blockchain bitcoin or altcoin as legal transaction payment, we want to play with bitcoin price for get profit or just playing drama with bitcoin and altcoin price, if they are serious want to adopt bitcoin maybe China president have asking for their institution for prepare needed to adopt bitcoin and altcoin transaction, but now still not have seriously how to adopt bitcoin in China.

I don't know what mean by China president with adoption blockchain bitcoin or altcoin as legal transaction payment, we want to play with bitcoin price for get profit or just playing drama with bitcoin and altcoin price, if they are serious want to adopt bitcoin maybe China president have asking for their institution for prepare needed to adopt bitcoin and altcoin transaction, but now still not have seriously how to adopt bitcoin in China.

Yep! As we have understood on the Chinese President's statement, their main focus is blockchain technology, not bitcoin nor altcoins. They wanted to lead the development of blockchain technology and use it to their advantage. They may create their own coin to regulate and run it to increase their socioeconomic status.

What I know is that they only want to adopt Blockchain technology, not want to adopt Bitcoin, because they will most likely make their own Crypto for use in China. But if later they want to adopt Bitcoin I think it is a good step for the world of Crypto because it could be that the price of Crypto will increase.

I don't know what mean by China president with adoption blockchain bitcoin or altcoin as legal transaction payment, we want to play with bitcoin price for get profit or just playing drama with bitcoin and altcoin price, if they are serious want to adopt bitcoin maybe China president have asking for their institution for prepare needed to adopt bitcoin and altcoin transaction, but now still not have seriously how to adopt bitcoin in China.

I still don't understand how china of all places could be supportive of blockchain.

Blockchain is a technology (that we use mainly on money but could probably used for something else) that decentralized the power and considering China is a nation that is ruled by dictatorship and gangrapes prisoners and harvest their organs and burn alive the opposers of the regime and all the crazy horribly bad Hitler level and even worse stuff they do, they can't deal with blockchain.

What is the purpose of giving the power back to people if you are running a fully automated human killing and dictator enriching nation? Sure, you can use it just for yourself and your part and ban it for the people who you despise (lets be honest Xİ hates Chinese, why would he act like to them if he liked them) but that doesn't seem to be the reason for it.

That is one unique thing that I have always read about blockchain, generally speaking everyone irrespective of your believe or political system agrees that blockchain is the technology of the future. Although, the President might not know how it works because largely he might not be technology inclined but his people would have showed this to me. However, this should not be interpreted to mean as an endorsement for bitcoin and other crypto using the blockchain technology because doing that would be farther away from the truth however, there is a bonus there that in as much as there is a loud support for blockchain, there is a subtle support for bitcoin and other crypto whether they want to admit it or not.

Blockchain technology is undoubtedly the real deal in some countries despite their crackdown on cryptocurrencies, They really can't deny their fascination for this kind of innovation. In your opinion do you think blockchain can transform Governments?

But it is going to be very difficult to differentiate Blockchain from Bitcoin, because both of them are part of the same innovation or idea. The inventor is the same for both.

This. It's all about sidelining the independent cryptocurrencies like bitcoin, ethereum etc and replacing it with something only the govt can develop and mine (and thus is controlled by the govt).

But be careful because with this development it seems that the big boys are only interested about the blockchain technology and that in the process, they might simply dump at the sidewalk the existing cryptocurrencies including the top Bitcoin and Ethereum. This announcement implies that they will utilize it for many reasons and one of these reasons is of course the creation of their very own cryptocurrency or digital renminbi which is nothing but an improved version of fiat, but still fiat.

Dude, both ban mining but then suggests their own currency, then bans ICO but then suggest blockchain technology adoption. He doesn't really know what he is doing with crypto world, first he looks like he is against it then he says something he supports it, even the Chinese don't know what they should think about the situation there. They supported to have bitcoins for example but they are banned from mining it.

It seems even the cheeky Chinese themselves have difficulty untangling the thought that 'blockchain' has little to do with Bitcoin in the minds of those up the top.

Xi Jinping never mentioned about Bitcoin or Ethereum (or for that matter any other cryptocurrency) during his speech. He was only concerned about Blockchain technology. My guess is that he wants to separate Blockchain from the existing cryptocurrencies and then integrate it with fiat currency. In the end we'll get something similar to Tether (USDT).

The Chinese government and the central bank continues to harass the cryptocurrency users in that country. And there is no indication that their stance will change, despite the recent statement by Xi. For the Chinese government, Blockchain may become another tool in their powerful surveillance machinery. And if that happens, it will be exact opposite of what Satoshi Nakamoto wanted. 

But be careful because with this development it seems that the big boys are only interested about the blockchain technology and that in the process, they might simply dump at the sidewalk the existing cryptocurrencies including the top Bitcoin and Ethereum. This announcement implies that they will utilize it for many reasons and one of these reasons is of course the creation of their very own cryptocurrency or digital renminbi which is nothing but an improved version of fiat, but still fiat.

This is what we are waiting for, the big boys are now recognizing and trying to get into the blockchain technology revolution and this is a good news for the end and for the start of next year because we can expect that there will be more blockchain technology related projects that are created by the chinese government since they are now a fan of this kind of technology.

In any case, it is very good when world leaders talk about blockchain. This gives hope and definitely will give impetus to the adoption and further development of technology.

I read that the only supported is the blockchain not the bitcoin but for these eventsmaybe it really bring hype since if you mean blockchain the once came to the mind of people is the bitcoins so provably many people bought when Chinese government announce this and it really bring a good impact since we see today that the market goes crazy. But let see in upcoming days if Chinese influence can sustain the current pump

Blockchain could really transform the way government officials work under the administration. Blockchain follows principles such as transparency, and security through blocks hash. However, it's seems that China is not going to tolerate decentralized system, instead they're making their own "digital currency" that would still be monitored, but at least transparent provided that the ledger is distributed and not hidden centralized.  Corrupt acts would potentially lessen and therefore makes progress faster for the country.

Is this news really the cause of the current price surge? Or It somehow influenced how the investors think about this as an advantage to the current market condition?
If I read it correctly, Chinese president is interested with the blockchain technology, and Its just the technology alone not Bitcoin or any other cryptocurrency in general.

Imo, blockchain is somehow a game changer in the field of politics and governmental stuff. Mainly, because of the transparency and trust issues.

With normal banking/apps P2P stuff can probably continue to slip through the cracks.
A legit government crypto ups the control and surveillance to truly gross levels.

Although it is good to see that the Bitcoin prise is heading fast towards the psychological $10,000 mark but this development also might prove that China can really influenced the market movement so hopefully this is not a self interest agenda by China that they are just saving the market from moving lower.

China is quick enough when it comes to adoptation of blockchain tech into their country. They build their own cryptocurrency to promote this currency platform in their country. China will become successful when it comes to implementing this cryptocurrency. They have the advantage in blockchain technology because of their population.

China with its very controlled economy does have advantages over Western nations in some respects. It can be decided centrally that the whole country will adopt blockchain, and this guarantees it will happen. Western countries are obviously set up differently, and there can be a lot of resistance from the established powers - banks I suppose in this instance - to anything that could threaten their hegemony. So yes, it is certainly encouraging that China is making these statements about blockchain... it should really help crypto.

I read that the only supported is the blockchain not the bitcoin but for these eventsmaybe it really bring hype since if you mean blockchain the once came to the mind of people is the bitcoins so provably many people bought when Chinese government announce this and it really bring a good impact since we see today that the market goes crazy. But let see in upcoming days if Chinese influence can sustain the current pump

I'll be disappointed if this is one the causes of the pump but knowing how literal and dim many are it probably is.
'blockchain' is a dream technology for authoritarians as much as it is for the diametrically opposed.
And if you think a fully blockchained China is good for btc there think again.
With normal banking/apps P2P stuff can probably continue to slip through the cracks.
A legit government crypto ups the control and surveillance to truly gross levels.

Blockchain technology is undoubtedly the real deal in some countries despite their crackdown on cryptocurrencies, They really can't deny their fascination for this kind of innovation. In your opinion do you think blockchain can transform Governments?

Although it is good to see that the Bitcoin prise is heading fast towards the psychological $10,000 mark but this development also might prove that China can really influenced the market movement so hopefully this is not a self interest agenda by China that they are just saving the market from moving lower.

The current increase is very surprising and I heard because it was influenced by the news that Chinese president Xi Jinping asked the country to accelerate the application of blockchain technology as the core for innovation and that was very good news.
but vigilance must still be anticipated because the decline could come suddenly in the near future, but that is not the desired expectation and hopefully this is a good start for Bitcoin and Altcoin to reach the highest prices.

In fact blockchain technology has long been an attraction for the government, they prefer technology rather than cryptocurrency. Cryptocurrency is now still unprofitable if adopted for the government, because they could have made their own cryptocurrency. Considering yesterday the US government emphasized regulation on Libra, now China is proposing to adopt a blockchain. Is there a world technological war here?

The sudden price increase of bitcoin is affecting the altcoins, its dumping and hurting it. I hope this isnt manipulation or bitcoin stabilizes before increasing again. Idon think this is a healthy increase.

I was thinking this is a big turn over but basically they just want to create their own currency or something similar by adopting blockchain as soon as possible, and probably they will use the decentralized word in order to save their centralized products.

This is done of course to avoid their citizen from using Bitcoin. Could be a good news while actually a bad news for long-term.

China’s President Xi Jinping has called for the country to accelerate its adoption of blockchain technologies as a core for innovation. Xi made the comments at a Politburo Committee session on blockchain technology trends on Oct. 24.

Blockchain adoption promotes innovation
Xi stressed that the implementation of integrated blockchain technologies is key in promoting technological innovation and transforming industries. He told the committee:


Blockchain, not Bitcoin
Xi’s push for greater blockchain adoption comes against the backdrop of China’s long-standing aversion to — and a crackdown on — cryptocurrencies. Authorities in the country first banned ICOs in 2017, quickly followed by cryptocurrency exchanges.

There have even been reports that at least one government agency is considering a ban on cryptocurrency mining.

Digital currency arms race
Unsurprisingly, the one cryptocurrency that the Chinese government doesn’t seem to have an issue with is its proposed central bank digital currency (CBDC). Despite reports throughout the summer that the launch of this was imminent, officials from China’s Central Bank last month said that there was no timetable for the launch of the CBDC.

Meanwhile, Facebook’s Mark Zuckerberg has been referencing the threat of Chinese superiority in the digital currency space in an attempt to sell U.S. lawmakers his plans for the Libra stablecoin.

"China is moving quickly to launch a similar idea in the coming months. We can't sit here and assume that because America is today the leader that it will always get to be the leader if we don't innovate,” he argued in an official statement.