Xi and China does not like crypto speculation and ICO scams but loves Blockchain Technology

“A new generation of technology represented by artificial intelligence, quantum information, mobile communications, internet of things and blockchain is accelerating breakthrough applications,” Chinese President Xi Jinping said Monday, according to a translation of his remarks.

China does not like crypto speculation and ICO scams but loves Blockchain Technology

Beijing has effectively halted bitcoin trading domestically, and in September officially banned sales of new digital tokens through the “initial coin offering” process.

However, the country remains a hub of activity for blockchain development. Several start-ups are partnering with the local Chinese government to research or implement the technology.

“In China, blockchain’s still developing, really great,” said Albert Xuan, project manager at Liaoyuan, a consulting firm and incubator for start-ups.

He said roughly 100 to 200 people flew from China to New York earlier this month to attend Liaoyuan’s “Blockchain Without Borders” conference, which drew about 650 people and held at least two panels in Mandarin Chinese.

Blockchain is also mentioned twice in the Chinese State Council’s 13th five-year economic plan that was released in 2016.

Xi called for China to strive to lead industry from the mid-to-high end. The Fuxing No. 1 high-speed train is a key step from chasing to leading. Ultra-supercritical coal-fired power generation, UHV power transmission and transformation, hybrid rice, and rice paddies are among the world’s leading mobile communications companies. Voice recognition, new energy vehicles, third-generation nuclear power “Hualong I”, excavation equipment, etc. are among the highest in the world. Integrated circuit manufacturing, C919 large passenger aircraft, high-end CNC machine tools, and large-scale ship manufacturing equipment accelerate the catch-up of advanced international standards. Machine tools, 80,000 tons die forging presses and other equipment to fill a number of domestic gaps, independent research and development of artificial intelligence deep learning chip for commercial applications, superconducting magnetic resonance and other medical devices to achieve domestic substitution, prevention and control of major infectious diseases and vaccine development The creation of major new drugs has effectively improved people’s livelihood and well-being.