Bitcoin Global News (BGN)
May 31, 2018 -- ADVFN Crypto NewsWire -- This week on Monday, Xi
Jinping, the President of China, seems to have endorsed the
Blockchain during a live speech at the Chinese Academy of
Sciences.
In truth, he looks to have done
more than just endorse it.
His key points on the subject
included that Artificial Intelligence, the Internet of Things and
the Blockchain are driving the latest Industrial Revolution. In
connection with this, Xi added that China plans to prepare national
laboratories with the express aim of helping to develop the
technology infrastructure, related to these three
industries.
This speech comes on the heels of
China’s May 24th announcement that it will start a state-funded
Blockchain research hub in an area of the country called the
“Guangdong Free-Trade Zone.”
To be clear, this name comes from
the fact that the area is in the country’s Guangdong province, as
well as that it is a place where customs regulations are eased to
promote quick and efficient trade.
The implication from this is that,
contrary to popular opinion on where China stands on Blockchain
regulation, they’re actually aiming to lead the charge in promoting
Blockchain innovation.
As if this usage of the Guangdong
FTZ doesn’t serve well enough to back this claim up, specific
language related to the Blockchain has also been added to China’s
current five-year economic development plan.
As until recently, China has been
seen as a staunch opposer to the Blockchain, it is reasonable to
wonder what exactly catalyzed this change of heart.
With what seems to be a push by US
regulators to solve the issue of clear Blockchain regulation, one
can see the motivation for China to stand on the other side of the
debate. This might be even more believable when taken in connection
with the fact that the Trump administration is pushing for higher
tariffs on Chinese products. To make matters worse between the two
countries, the administration’s also pushing to limit Chinese
visas, especially those related to the Technology and Science
sectors.
Until proven otherwise, it’s not
exactly clear whether China is doing this to get ahead of the rest
of the world or because they truly believe in the Blockchain. With
local projects like NEO, which are globally successful, the answer
might be said to lie somewhere in between.
By: BGN Editorial Staff
News:
Blockchain
China
NEO (NEO)
Xi Jinping