China ‘Blockchain Day’ could become reality after Xi Jinping’s endorsement of technology
- Communications Industry Association proposes that October 24 become the designated day to celebrate technology behind cryptocurrencies such as bitcoin
- China is also looking to launch its own digital currency that would rival Facebook’s Libra having been a frontrunner in research into the technology
China’s new appetite for blockchain after it was endorsed by President Xi Jinping could see the technology be given its own commemorative day, although some analysts remain sceptical over its use.
The technology, which is most notable for its use in cryptocurrencies such as bitcoin, was singled out as “a key breakthrough that can facilitate China’s progress in core technologies” by Xi last week having previously been only a topic of conversation between scientists, technology professionals and financial investors.
But now, with interest in the technology increasing from the likes of tech start-ups, cryptocurrency traders, stock market investors and news organisations, the China Communications Industry Association on Monday proposed that October 24 become the day to draw additional focus on the technology.
“[President Xi] blew the horn of progress for the future. It is our full aspiration that we will start our businesses with the [Communist] Party, speak out for the technology, and applaud its applications.”
But some analysts are worried about the increased interest, with many utilising the opportunity to advance their personal goals, while investors are starting a new round of financial speculation.