China's President Xi Says Blockchain Part of New 'Technological Revolution'

President of China Xi Jinping openly praised blockchain technology during a speech May 28, as the technology continues to cement itself in the country's future plans.

Speaking at the Chinese Academy of Sciences' nineteenth annual conference in Beijing, Xi included blockchain as an example of a "New generation" of technologies delivering "Breakthroughs."

"The new generation of information technology represented by artificial intelligence, quantum information, mobile communication, internet of things, and blockchain is accelerating breakthroughs in its range of applications."

The high-profile plugging of blockchain continues a recent trend by Chinese authorities to come to grips with the technology's capabilities.

"We have established verifiable blockchain programs in China, and nearly 200 private enterprises have expressed interests to join. [This] will help blockchain technology and industry to become more transparent and open," local media quoted a government spokesman as saying on the topic of domestic efforts.

As Cointelegraph reported this month, official government ratings for blockchain projects are currently in progress, following the release of 26 cryptocurrency ratings May 17.

At the same time, Beijing has appeared skeptical about foreign blockchain projects more generally, this week claiming their average lifespan is just 15 months.