October 25, 2019 China’s leader, Xi Jinping thinks the country should “take the leading position in the emerging field of blockchain.”

Speaking at a Central Committee workshop, Xi remarked in-depth on blockchain technology, stating that China should accelerate development of blockchain technology and regard it as “…as an important breakthrough for independent innovation of core technologies.” Xi additionally argued for a top-down approach to implementation, stating that it will be “…necessary to implement the rule of law network…” into existing and future systems. While digital currencies were banned in China by a 2017 decision, a digital renminbi has reportedly been under development for five years and is anticipated for launch soon.