Blockchain will change the system of digital finance, claims Chinese official

Towards the end of October, China’s Xi Jinping shook the crypto-space after he publicly came out in support of blockchain. The implications of this announcement were significant, with many cryptocurrencies with Chinese roots such as TRON, Ontology, and NEO surging rapidly immediately after, despite the fact that the country doesn’t maintain a pro-Bitcoin stance. Whatever China’s position on cryptos, its position on blockchain is clear, and the same was shared by Bank of China’s ex-President recently.

At the Financial Technological Summit held in Beijing, the former President of the Bank of China, Li Lihui, addressed the gathering on the topic of “National Strategy and Fiat Digital Currency.” Mr. Lihui is currently at the helm of China Mutual Fund Association’s blockchain-centric group.

According to Lihui, digital currencies are set to serve as crucial players in the upcoming financial revolution. In his eyes, digital finance needs a better approach from regulators, and he believes that China shouldn’t let such a golden opportunity slip past. Read More...