China is projected as a power in blockchain

Recently, the president of China, Xi Jinping, said that we must "seize the opportunity" provided by blockchain technology and distributed registration technologies (DLT).

This announcement has raised the price of the shares of Chinese projects based on blockchain. Thus, Xi Jinping called this technology "a core technology" that requires innovation led by China. Therefore, he asked for more support and investment, according to the official Xinhua news agency.

«We must take blockchain technology as an important advance for the independent innovation of basic technologies (...) [We must] clarify the main direction, increase investment, focus on a number of key technologies and accelerate the development of blockchain technology and industrial innovation, ”said the Chinese president.

Currently, there are around 506 Chinese projects based on blockchain technology. Since January of this year, The Chinese Cyberspace Administration has required all entities that develop or use blockchain technology to register their projects for supervision.

On the other hand, the Standing Committee of the 13º National People's Congress in China has approved a new law that regulates cryptography on October 26 and which will enter into force on January 1 of 2020.

According to the report of the local CCTV news agency, the new law aims to establish rules for the application of cryptography and password management. It also establishes a central cryptographic agency that will lead the progress in matters related to the development and use of cryptography at the public level, creating guidelines and policies for the industry.

Likewise, the innovation also comes from the Chinese Communist Party, which has launched a Dapp (Decentralized Application) that allows members to swear their loyalty to the party and save them in blockchain, which can then be shared and seen by others.

This Dapp is called "Original Chain Intentions (on-chain)" and has been developed by a Beijing-based company called Lingzhu Technology.

Thus, China has highlighted its intention to lead the development of blockchain technology as a country, being close to launching its own stablecoin that would face Libra from Facebook.

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