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.