Chinese President Xi Jinping made an emphasis on digital transformation in his statements today and said that this process should be accelerated as much as possible. Among the points Jinping emphasized was the digital yuan, which is shown as China’s crypto money project.
In his afternoon speech, Xi Jinping explained China’s future plans and said what efforts the government would focus on. During his speech, the Chinese President made sharp statements especially regarding digital transformation and explained that the work that has been ongoing so far should be accelerated.
A call to speed for digital transformation
According to the information provided by FRXResearch, Xi Jinping emphasized many different digital technologies in his speech. According to the information shared by local sources, Xi Jinping said the following about digital transformation:
“Accelerate the digital economy, digital socialization, state and industry digital development and updates; We must take part in international digital money and digital tax studies, and get ahead of our competitors. ”
Bitcoin price is based on $ 14k
Blockstream manager Samson Mow made a comment on his Twitter account and said that China is trying to establish a common standard with other countries on crypto money. Mow also pointed out that the price of Bitcoin has risen to $ 14,000 just as Jinping made these statements.
Xi Jinping just said in an official government press release that China needs to advance in digital currency development (meaning DCEP) and establish standards together with other countries.
— Samson Mow (@Excellion) October 31, 2020
The BTC / USD parity, which was mostly in the band of 13 thousand 300 dollars yesterday, has reached the level of 14 thousand dollars as of now. Experts say this is directly related to Jinping’s statements.
Digital yuan work continues
These statements made by the Chinese President are thought to be of great importance for the country’s digital policy. Almost exactly a year ago, Xi Jinping talked about blockchain technology and delivered the same message, inviting government officials to “speed up”.
Jinping’s call, covering the whole country, was answered in a very short time and government organizations in the country came together and developed a common blockchain application. Sharing information on the developments in China, Dovey Wan said, “What speed is this?” shared with the comment.