Chinese Official Touts Blockchain After Xi Praises Technology
A senior Chinese foreign-exchange regulatory official called for “special attention” to be paid to blockchain as the nation looks to gain advantages from digital finance.
The State Administration of Foreign Exchange is looking to use blockchain and artificial intelligence in cross-border trade finance and macro-prudential regulation, Lu Lei, deputy director of the regulator, said at the Bund Summit in Shanghai Sunday.
The comments come after President Xi Jinping last week called to “keep our country at the very forefront” of blockchain technology in the search for industrial advantages, reported by Xinhua News Agency. Xi was speaking at a study session of the Politburo on blockchain, where the Communist Party of China’s top ruling group pledged to speed up the development of the digital technology. China’s central bank said a few months ago it was “close” to issuing a digital currency as technology giants including Facebook Inc. try to enter the market.