China is poised to take the lead in blockchain after it was given powerful support by the country’s leader ‘President Xi Jinping, experts told a news channel. This action could allow the world’s second-largest economy to manage the growth of nascent technology in the lack of competition from other sectors like Europe and the U.S. Here, Blockchain refers to a technology that began with the cryptocurrency bitcoin. In that case, its purpose was a stable and tamper-proof public ledger of activity. It was also ‘decentralized’ which indicates it was not owned by any party.
In October, Xi said in his speed that China needs to ‘seize the opportunity’ presented by blockchain, in what appeared to be one of the first instances of a major world leader backing the tech. Blockchain is an ‘ important breakthrough in independent innovation of core technologies’ Xi said.
If we talk about China’s relation with crypto, then cryptocurrency is technically banned in China.