FX.co ★ China’s president urges acceleration of blockchain development

China is striving to be a leader in all spheres including the blockchain technology. When describing China’s achievements, the word “second” is used quite often. However, in many respects, China has outperformed its competitors. For instance, the country’s authorities realize the importance of technological progress and are now paying special attention to this sector. This time, the main priority is given to blockchain technology - the basis for the cryptocurrency functioning. Recently, head of the state Xi Jinping has appealed for greater urgency in the development of blockchain technology. “We must perceive the blockchain as an important breakthrough and the core for innovation. We should clarify the main direction of development, increase investments and focus on key technologies as well as accelerate the development of blockchain and industrial innovation,” the president noted. It seems, though, that officials miss the key point of the blockchain. Chen Jing, a researcher with the Beijing-based Fengyun Institute of Science, Technology and Strategy, said that blockchain was a complicated concept to understand, but specialists were trying to help officials see its benefits. Generally, China is launching a large-scale program to eliminate blockchain illiteracy in the society. At the same time, this unique technology can be used by the Chinese government to strengthen its control over the population.