Chinese official began pushing blockchain after Xi’s speech

by in Cryptocurrency News

The State Administration of Foreign Exchange

On October 24 Xi Jinping, president of China, spoke about the significance of using blockchain technology and encouraged everyone in China to make the country leading in this sphere.

After this speech, a senior Chinese foreign-exchange governing official called for “special attention” to be paid to the blockchain as the nation looks to obtain profits from digital finance. Lu Lei, assistant director of the governor, said during the Bund Summit in Shanghai: “The State Administration of Foreign Exchange wants to apply blockchain and AI in cross-border trade economics and macro-prudential management”.

Lu mentioned that after Mark Zuckerberg testified to the Congress about the Libra project, he triggered deep interest from all parties in the future of monetary policy, in financial stability and the global monetary system. China needs to pay particular attention to the accelerated growth of digital finance while keeping everything under the radar.

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The assistant director also said that the Chinese government makes attempts to normalizing a trial in Shanghai, which will allow overseas access to domestic institutional investors in what is known as the Qualified Domestic Limited Partnership program.