PRC President: China Should Initiate the Creation of a Regulatory Framework for Cryptocurrencies

China should take a leading role in creating an international regulatory framework for regulating digital currencies, President Xi Jinping said in his speech on the country’s national medium and long-term strategy for economic and social development.

The head of the People’s Republic of China noted that the coronavirus pandemic that has swept the whole world has forced states to pay attention to new technologies. China’s economy in particular has gone online. So, education, purchases, consulting activities are carried out remotely, which pushes officials to accelerate the development of blockchain platforms. “We must take advantage of the trend towards accelerating the building of the digital economy, digital society and digital government, promote digital optimization and modernization in various fields, and actively participate in the formulation of international rules such as digital currency and digital tax to create new competitive advantages. At the same time, we must realize that the real economy is the foundation, ”writes Xi Jinping.

We add that last week Huawei introduced a new smartphone model Mate 40, which has built-in software that will allow you to work with the digital yuan.