The President of the People’s Republic of China and General Secretary of the Communist Party of China, speaking at the 18th collective study of the Political Bureau of the Central Committee on Thursday in Beijing 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.”

These statements seem to be the first time President Xi has actively commented on this technology and is in contrast to the restrictions placed on cryptocurrency exchange and development within the last few years, when in 2017 the country banned cryptocurrencies.

Considering that China’s President also mentioned the creation of “Blockchain+,” a platform intended to create the adoption of ledger technology to such things as education, healthcare and food supply, its looks like China is now embracing the new Blockchain economy.