The Chinese Communist Party Digs Blockchain

It’s all about the timing. October 2019 may well be known as one of the turning points in the history of blockchain. After years of China banning ICOs and keeping the technology on a short leash, Xi Jinping announced publicly that blockchain was a strategic technology for the long-term development of China.

The news propelled the price of Bitcoin—which went from $7,500 to $10,000 in just a few hours. Stocks of companies that invest in blockchain have also been soaring since then. These developments prepare the ground for next year’s launch of the crypto yuan, which more than a stable coin pegged to the RMB, is the yuan itself on blockchain.

State media rushed to deliver Xi Jinping’s message to all corners of the republic. The subtext: China intends to become the world-leader in blockchain. Traditionally, Chinese governments analyse policy slowly and then act with lighting speed. And the time for acting has come. A pillar of China’s strategy is an educational push to make sure the country has not just sufficient trained engineers, but also businessmen and entrepreneurs that understand the technology and how to deploy it in business.

This comes as a blessing and a boost to Joy+. Gojoy Blockchain Online University’s first programme is currently on closed beta. The hands-on courses give an introduction to blockchain and then focus on how to implement it in business. Here is where the importance of timing comes in. We have been developing the courses for months because we are adamant about the role that blockchain will play in unleashing the next economic wave. With China giving us the green light, we are confident our programmes will allow us to contribute to the economic transformation ahead.