Speaking as part of the 18th collective study of the Political Bureau of the Central Committee on Thursday in Beijing, Xi said blockchain technology has a wide array of applications within China, listing topics ranging from financing businesses to mass transit and poverty alleviation.

Xi Jinping, President of the People’s Republic of China and General Secretary of the Communist Party of China, said the country needs to “seize the opportunity” afforded by blockchain technology.

“We must take the blockchain as an important breakthrough for independent innovation of core technologies”, Xi told committee members.

“We must clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.”

The Chinese president’s statements on blockchain are believed to be his first in-depth remarks on the technology.

Xi further said it would be “necessary to implement the rule of law network” into existing and future blockchain systems. To this end, Xi argued for a top-down approach concerning implementation, calling for guidance and regulation. Xi said testing of the tech should be widespread, including the investments in training platforms and “innovation teams” before implementation.

His speech also called for the creation of “Blockchain+”, a platform alluding to personal development such as education, employment and food and medicinal safety, among other basic needs.

Since a 2017 decision by the People’s Bank of China, cryptocurrencies are banned in the country, although a digital renminbi is being developed by the central bank and likely to launch soon.

Pro-Crypto Silvergate Bank Goes Public in Listing on NYSE

Shares of pro-crypto Silvergate Bank were launched for trading on the New York Stock Exchange (NYSE) on Nov. 7.

Silvergate celebrates IPO day

Silvergate Capital (NYSE:SI), a California-based commercial bank focused on digital currency businesses, is now officially listed on the NYSE, opening at $12.75, the NYSE tweeted Nov. 7.

In conjunction with the event, Silvergate is celebrating its initial public offering (IPO) day today, according to the NYSE.

The news follows Silvergate Capital Corporation’s announcement of the pricing of its IPO of 3,333,333 shares of its Class A common stock at a public offering price of $12.00 per share on Nov. 6. Of the offered shares, 824,605 shares are being offered by Silvergate, while 2,508,728 shares are being offered by selling shareholders, the company specified.

The offering is expected to close on Nov. 12 and is subject to customary closing conditions, Silvergate noted.

Silvergate had more than 750 crypto customers as of September 2019

In the announcement, the firm also noted that a registration statement relating to Silvergate’s securities was declared effective by the United States Securities and Exchange Commission (SEC) on Nov. 6, 2019.

According to a filing with the SEC on Oct. 28, Silvergate saw its number of digital currency customers increase from 655 as of June 30, 2019 to 756 as of Sept. 30, 2019. As previously reported, those customers include crypto-related clients such as exchanges, miners and custodians, among others.

Facilitating fiat transfers

In August 2019, Winklevoss twins-founded crypto exchange Gemini joined the Silvergate’s Silvergate Exchange Network (SEN) to speed fiat transfers. The SEN is a network of crypto exchanges and investors that enables transactions of U.S. dollars between SEN members at any time, “24 hours a day, 7 days a week, 365 days a year.”

According to the filing, the SEN registered $10.4 billion in transfers for the three months ending Sept. 30, bringing total transfers on the SEN to $23.1 billion and total fiat transfers including wires to $41.5 billion for the nine months ended on Sept. 30. For the same period in 2018, the figures amounted to $4.4 billion and $25.9 billion, respectively.


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