Li WEI, the head of the technology department in the People’s Bank of China has emphasized the importance of adopting digital finance in the country’s commercial banks. The statement was made during a conference in Shanghai where he was talking about the potential of China’s involvement in the blockchain technology as it could promote the ideals of the state and help better manage upcoming issues.
It’s obvious that this announcement from Mr. Li was a direct follow-up to President Xi’s statement during a politburo meeting last week. President Xi also emphasized the importance of the blockchain and requested that development be sped up.
According to representatives from Casinos-australia.net, China’s digitalization of the economy will be a deadly blow to all non-licensed gambling operators as well as syndicates that assists wealthy mainlanders to flee China and receive citizenship in foreign nations. This is especially relevant for Australia and Canada.
Overall though, since President Xi had already made the statement, it will be very hard for commercial banks not to follow the emphasis. Therefore, we may soon see a fully digitalized massive economy.