Less than a week after President Jinping's emblematic speech on blockchain technology, another senior Chinese government official openly endorsed decentralized distributed books as the future of banking and financial institutions.
Li Wei, head of the National Bank of China's Technology Division, said on Monday that it was time for commercial banks to activate and integrate blockchain technology in their day-to-day operations.
Wei, who is director of the Bank of China's Science and Technology Division, spoke at length about the potential of blockchain in today's digital economy. He said blockchain technology has all the necessary ingredients to help commercial banks reduce the risk of fraud while helping small and medium-sized businesses to lend.
The Blockchain Repetition of President Xi's Speech
Wei's statement essentially resonated with the President's speech on October 24, and also placed blockchain as a solution to many of China's current banking problems. President Xi, however, went beyond the blockchain role in the banking sector and highlighted a number of areas where technology can play a positively destructive role, as BeInCrypto previously reported.
In particular, Xi called on the blockchain community in China to step up and harness the real potential of rapidly evolving technology to increase people's livelihoods, create new educational and employment opportunities, ensure food safety, streamline retirement schemes for optimal efficiency and promotion of public welfare.
Time for another bitcoin rally?
As reported earlier on Sunday, Xi's speech had the desired impact on its target audience as interest in blockchain technology rose to new highs shortly thereafter.
Bitcoin interest was also rising as the number of searches for bitcoin increased significantly after Xi's speech.
WeChat Searches (10/23/19):
– 区块 链 (Blockchain): 777K
– 比特 币 (Bitcoin): 572K
WeChat Search (25/10/19):
– 区块 链 (Blockchain): 9.2MM
– 区块 币 (Bitcoin): 1.3MM
– Cole Kennelly 🦄 🦄 (@ColeGotTweets) October 27, 2019
Many analysts and marketers speculate that his President's speech is at least responsible for the recent rally, which saved Bitcoin from completely succumbing to a bearish trend.
During printing, bitcoin is relatively stable and trades in the range of $ 9,300 to $ 9,400.
Images courtesy of Twitter.
Did you know that you can trade with Bitcoin and very leading Alcoyos with a multiplier of up to 100 times on a secure and secure lowest fee exchange – just an email address? Well, now you do it! Click here to get started on StormGain!