China Bans Crypto, Provides Buying Opportunity

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President Xi Says China Should ‘Seize Opportunity’ to Adopt Blockchain

William Foxley

President Xi Says China Should ‘Seize Opportunity’ to Adopt Blockchain

Xi Jinping, President of the People’s Republic of China and General Secretary of the Communist Party of China, said the country needs to “seize the opportunity” afforded by blockchain technology.

Speaking as part of the 18th collective study of the Political Bureau of the Central Committee on Thursday in Beijing, Xi said blockchain technology has a wide array of applications within China, listing topics ranging from financing businesses to mass transit and poverty alleviation.

“We must take the blockchain as an important breakthrough for independent innovation of core technologies,” Xi told committee members.

“[We must] clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.”

The Chinese president’s statements on blockchain are believed to be his first in-depth remarks on the technology.

Xi further said it would be “necessary to implement the rule of law network” into existing and future blockchain systems. To this end, Xi argued for a top-down approach concerning implementation, calling for guidance and regulation. Xi said testing of the tech should be widespread, including the investments in training platforms and “innovation teams” before implementation.

His speech also called for the creation of “Blockchain+,” a platform alluding to personal development such as education, employment and food and medicinal safety, among other basic needs.

Since a 2020 decision by the People’s Bank of China, cryptocurrencies are banned in the country, although a digital renminbi is being developed by the central bank and likely to launch soon.

Xi Jinping image via CoinDesk archives

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The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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As if the ban of cryptos in Beijing’s Chaoyang District was not enough, China has now prohibited crypto-related events which extend to Guangzhou Development District, according to a report of Jiemian on August 29.
Guangzhou District is an economic zone south of China. In a notice issued by the Financial Development Bureau last August 24, it warns of the need in maintaining “the security and stability of the financial system”. It was in the middle of August when China started the ban in Chaoyang.

In its effort to crack down in the country’s crypto space, China targetted several communications channels and other “loopholes” where investors can gain information or exposure on ICO’s and cryptocurrency trading.
WeChat, one of the largest messaging service apps with around 1 billion users, has already blocked many accounts related to crypto and blockchain. These accounts were accused of violating regulations for creating “hype” on cryptos. Tencent, WeChat’s operator already announced a bank on cryptocurrency trading with other tech companies following suit.

Baidu has shut down at least two crypto-related chat rooms, issuing a notice to inform the users that their move was “in accordance with relevant laws, regulations, and policies”
Alibaba has also issued a statement saying that they would restrict or ban any account indefinitely which were found to be involved in cryptocurrency trading. Alipay has started to crack down on accounts which use their network to transact via Bitcoins on OTC trades.

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