The president of China, Xi Jinping has said that blockchain should be regarded as the core technology for development in the country, this ultimately makes Bitcoin (BTC) get an upward surge of 12%
The president remarked that China already has a solid foundation to develop blockchain technology and it is expedient that the values should be strengthened, allowing China to take the leading role in blockchain technology. “The country needs to accelerate the standardization of blockchain research, which will, in turn, give China more power in setting rules and standards internationally,” Xi said.
According to Jingping, China will also promote the integration of blockchain technology with the real-world economy and solve real problems in the existing banking and financial systems.
Steps taken in this emerging world of blockchain tech has not gone unnoticed as other countries like Nigeria, Brazil, Venezuela, and developing countries have joined the wagon.
China has also been researching and developing its national digital currency for almost five years and is “ready” to launch it in the near future.