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Chinese banks should embrace Blockchain immediately, says central bank official



Less than a week after President Xi Jinping's iconic speech about blockchain technology, another top Chinese government official has openly joined decentralized distributed ledgers such as the future of banking and financial institutions.

Li Wei, head of People's Bank of China's technology department, said Monday that the time has come for commercial banks to step up and integrate blockchain technology into their day-to-day operations.

Wei, who serves as director of the Science and Technology Department of the People's Bank of China, talked at length about the potential of blockchain in today's digital economy. He stated that blockchain technology has all the necessary ingredients to help commercial banks mitigate fraud risk while helping small and medium-sized businesses to secure loans.

Echoing President Xis Blockchain Speech

Wei's statement essentially repeated the President's speech on October 24, and also posed blockchain as a solution to many of China's current banking problems. However, President Xi went beyond the role of blockchain in the banking sector, highlighting a number of areas where technology could play a positively disruptive role, as BeInCrypto had previously reported.

In particular, Xi urged the blockchain community in China to step up and leverage the true potential of rapidly evolving technology to increase people's livelihoods, create new education and employment opportunities, secure food security, streamline pension schemes for optimal efficiency, and promote the public. welfare.

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Time for Another Bitcoin Rally?

As we reported earlier Sunday, Xi's speech made the desired impact on his target audience as interest in blockchain technology increased to new highlights soon after.

Interest in Bitcoin was also growing as the number of Bitcoin-related search queries grew significantly following Xi's speech.

Many analysts and traders speculate that President Xi's speech was at least partially responsible for the recent rally that saved Bitcoin from completely giving in to a bearish trend.

At press time, Bitcoin is relatively stable and trades in the $ 9,300- $ 9,400 range.


Images courtesy of Twitter.


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