Four days ago, Chinese President Xi Jinping officially endorsed the adoption of blockchain into different sectors of their economy, a development that has positively affected the crypto markets.
On Monday, the China Communications Industry Association, an affiliate of the Ministry of Industry and Information Technology, took a bold step to propose that ‘October 24’ should be assigned the day to draw additional focus on the technology.
“It’s a milestone for us, as blockchain researchers, to carry out related projects and support the real economy,” the Industry Association wrote regarding the Presidential endorsement last week. They further added:
[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.
Not So Fast With Blockchain
Notably, while the Association is enthusiastic about the prospects of blockchain technology, experts in the country remain skeptical over its use. Most of them are reportedly worried about the increased interest, which also spurs a new round of financial speculations for investors.
For instance, The People’s Daily, the mouthpiece of the ruling Communist Party warned:
Blockchain is still in the early stages of development, and needs to be improved in terms of safety, standards, regulation and so on.
Wu Qi, an official of Beijing-based Pangoal Institution for his part, praised the technology but argued that it should not be used for speculation as with cryptocurrencies.
“It’s certainly a good technology and can be used for many good causes, including the prevention of financial fraud. But it’s definitely not for the purpose of crypto speculation,” Wu reportedly stated.
Notably, China has strictly warned the citizens against trading cryptocurrencies and fundraising through new initial coin offerings (ICOs), due to the perceived threat they pose to the country’s financial stability.