Chinese President Xi Jinping has placed blockchain technology as a foundational layer for future development of platforms.

On Monday, a Chinese central bank official stated, commercial banks will have to step up their application of blockchain technology in order to deepen their commitments towards digital finance.

The comments were made by Li Wei, head of the People’s Bank of China’s technology department, at a forum in Shanghai.

The comments come in the wake of Chinese President Xi Jinping saying China should increase the pace of adoption of blockchain technology.