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Chinese President Hails Blockchain – as Crypto Biz ‘Leaks’ Abroad

Blockchain China Huobi

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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Last updated:

June 25, 2023

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Chinese President Xi Jinping says that blockchain technology is bringing about “breakthroughs” in the country.

Speaking at a meeting at the Chinese Academy of Sciences, Xi said that the country needed to “build a powerful world of science and technology more than any other time in history,” and made specific mention of blockchain technology.

Per Xinhua, Xi stated, “A new generation of technology represented by artificial intelligence, quantum information, mobile communications, internet of things and blockchain technology is accelerating breakthrough applications.”

The announcement comes hot on the heels of a deal between TenCent, the parent company of WeChat, a messaging app, and tax authorities in China’s Shenzhen province. The organizations say they will jointly develop a “smart tax” system, powered by blockchain technology.

Also this week, Chinese co-working venture and WeWork rival Ucommune said it was launching a blockchain development platform that would allow member companies to create their own blockchain technology-powered solutions.

China’s crypto-crackdown remains in place, however, with bans on initial coin offerings (ICOs) and exchanges still standing firm. This week, several Chinese and South Korean media outlets reported that Chinese crypto-funds were “pouring” into South Korea. Several of China’s pre-ban cryptocurrency exchanges are now set to open in Seoul, following the successful opening of Huobi Korea in March this year.