Chinese President Xi Jinping urges embrace blockchain technology

Posted 28 October, 2019

Chinese Communist Party members must complete 25 blockchain lessons. After Xi Jinping’s speech, the leadership of the Communist Party of China issued an order to create a special training program on the basis of working with a distributed registry and digital assets. The Chinese leader in his speech stated that the country should move towards the development of the financial industry, an important component of which are cryptocurrencies.

The Assembly of People's Deputies also signed a law ensuring the complete monopoly of the Communist Party in all digital industries. This means that it is government projects that will be a priority for the country's economy. Private startups will fade into the background, but will also receive support from the budget, transferring part of the shares to the disposal of departmental bodies.

The cryptography law comes into force on January 1, 2020. According to many local experts, by this time China will be ready to introduce its own digital currency, which may even change the yuan in the future. The law also prescribes the mandatory awareness of all officials in the basic issues of the blockchain.

All party members in the amount of 90 million people will have to study the information and pass exams. The materials provide not only a description of the work of the distributed registry but also the concepts of cryptocurrency, mining, base coins, smart contracts and many of the main points of the digital assets industry.

Experts note that the decision to introduce compulsory blockchain training can talk about preparing the country for a complete rejection of fiat.

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28 October, 2019 15:21

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