Xi to Endore Blockchain As 'Breakthrough' in Economy

Chinese leader Xi Jinping publicly supported the blockchain technology for the first time

30 May 2018 698

Chairman of the People's Republic of China Xi Jinping on Monday delivered a speech in which he acknowledged that the blockchain has potential, for the first time publicly supported the developing technology. This is reported by CoinDesk.

Speaking at the annual scientific conference organized by the Chinese Academy of Sciences, Xi said that the blockchain is a critical part of the technological revolution of the 21st century, and China should use it to make progress in the economy.

Ever since the start of the 21st century, a new generation of industrial revolution is substantially reshaping the global economic structure ... with artificial intelligence, internet of things and blockchain constantly making application breakthroughs.

Xi Jinping

President, People's Republic of China

Xi also said that China, in order to succeed in a global economic competition, should establish national laboratories that will comply with high standards and encourage research and development of technological infrastructure.

The head of China did not go into the details of how the blockchain should be used, but shortly before his speech, the State Council of the People's Republic of China ordered the free trade zone in Guangdong to accelerate the development and use of blockchain - among other things, in financial technology.

Blockchain

South Korea to Invest $1B in Blockchain Startups

Blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution, local authorities believe

19 February 2019 103

Until 2022, Seoul authorities are investing 1.2 trillion South Korean won ($ 1.07 billion) in fintech startups working with distributed ledger technology. This is reported by CoinDesk.

Funds will be allocated for the development of new technologies through the Seoul Innovation Growth Fund, created last year by local authorities. The foundation will support startups working on various solutions, including those that are in the early stages.

In the first half of this year, the Fund will allocate 13.25 billion won ($ 11.75 million) and 8.4 billion won ($ 7.45 million) in the second half of 2019. For the Korean authorities, the blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution.

The officials also noted that the average investment per start-up at an early stage of development in South Korea is almost seven times lower than, for example, in Silicon Valley.

Last fall, Seoul authorities submitted a five-year development plan for the blockchain industry.