The president of China, Xi Jinping wants to see the country move faster in adopting blockchain technologies to improve innovation.
Xi believes that implementing blockchain technologies is critical to transform industries and promote innovation in technology. He wants to make blockchain important by increasing investments and focusing on specific technologies. At the same time, China continues to avoid cryptocurrencies. Reports suggest that a government agency is considering implementing a ban on mining crypto. Central bank digital currency seems to be immune from the government’s aversion to cryptocurrency. However, there is no timeline for launching the CBDC. Mark Zuckerberg of Facebook fame is trying to sell the US government on the Libra stablecoin by utilizing the threat of Chinese leadership in digital currency.