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China's president praises blockchain tech's possibilities

Tuesday 29 October 2019 12:14 CET | News

Chinese President Xi Jinping has given a speech embracing blockchain technology and calling on his country to advance development in the field.

China’s leader has praised blockchain technology, especially since China has a strong foundation and as a result it should look to take a leading position in the sector, according to CNBC. The technology could benefit a range of industries including finance, education, and health care. A blockchain is a digital ledger that maintains a record of transactions or other data across a network of computers.

Moreover, commercial banks should step up their application of blockchain technology to embrace digital finance, Reuters cited a Chinese central bank official. China’s central bank, the People’s Bank of China (PBOC), has been working on its own digital currency. It has accelerated its development in recent months as Facebook looks to shake up the global financial services industry with a cryptocurrency called Libra.
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Keywords: blockchain, China, Libra, financial services, cryptocurrency, distributed ledger technology
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: China
This article is part of category

Blockchain & Cryptocurrencies