Xi Jinping, the president of the People's Republic of China highlighted the implementation of blockchain technology plays an important role in new technological revolution and industrial innovation according to a report from Xinhuanet.com.

Xi made the speech in the 18th collective study of the Political Bureau of the Central Committee of the Communist Party of China. And stressed out that the blockchain as an important breakthrough for independent innovation of core technologies.

Xi Jinping pointed out that it is necessary to embrace the opportunity of integrating blockchain technology, function expansion, and industry segmentation, and play the role of blockchain. 

The CPC leader emphasized that it is necessary to strengthen the guidance and regulation of blockchain technology in the country, establish the research and analysis of blockchain security risks.

"It is necessary to strengthen basic research, enhance the original innovation ability, and strive to let China take the leading position in the emerging field of blockchain, occupy the commanding heights of innovation, and gain new industrial advantages" Xi said.

Despite banning Bitcoin and cryptocurrency in the country, China's central bank has been researching and developing its own digital currency and higher chance it would be called as their national digital currency and ready to launch it in the near future. 

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