Xi Jinping is the General Secretary of the Communist Party of China, Chairman of the Central Military Commission and President of the People’s Republic of China. He has been in office since 2012 and is considered to be one of the most powerful leaders in modern history.
In terms of cryptocurrency, Xi Jinping has been a strong proponent for blockchain technology adoption across industries in China. In October 2019, he declared that “The next step should focus on increasing investment and application research and development into blockchain technology” during a speech at politburo study session. Following this statement, Chinese authorities have actively encouraged businesses throughout sectors to embrace digital currencies as part of their financial strategies.
As part of his efforts to support digital currency innovation within China, Xi Jinping also launched a national strategy called “China Chain” which seeks to accelerate implementation and experimentation with distributed ledger technologies such as blockchain networks for data sharing among public institutions in order to increase transparency, reduce bureaucracy costs and improve efficiency. The aim is for all provinces throughout China become interconnected through this platform by 2025.
Xi Jinping’s official stance towards cryptocurrencies remains largely unknown due to lack information from both Chinese government sources or major media outlets covering crypto-related topics originating from within mainland China; however it appears that he favors regulation over prohibition when it comes to digital assets like Bitcoin (BTC) or Ethereum (ETH). This position has enabled companies operating within mainland Chinam such as Binance Labs or Bitmain Technologies Ltd.,to continue developing innovative products while still abiding by existing regulations set out by local authorities concerning virtual asset trading platforms or Initial Coin Offerings (ICO).
