In what looks like a big win for the blockchain community this week, China President Xi Jinping has called for the adoption of blockchain “as an important breakthrough for independent innovation of core technologies” in a meeting of the Political Bureau of the Chinese Communist Party’s Central Committee. In his words, he said

“We must take the blockchain as an important breakthrough for independent innovation of core technologies,”

Xi Jinping – China President

he further went ahead to say

“[We must] clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.”

Xi Jinping – China President

These words may have suggested to investors that there is a possibility of an expansive consumer base for cryptocurrency in the coming days, although another report has suggested that Bitcoin could instead face China as a competitor, rather than an open market. However, the news of this speech saw more Chinese getting curious about the term “Blockchain” as searches on the term increased on the messaging app WeChat.

In the wake of this news IOST and other Chinese related cryptocurrencies like (TRX, NEO, QTUM) has seen a surge in price, With IOST making an increase of 40% gain in USDT surging to around $0.007

IOST 24hrs chart on CoinGecko

We expect this development in China to further improve the adoption of Blockchain technology not only as cryptocurrencies but also in other sectors like finance, education, health care, food security, and more.