Sunday, March 3

Chinese Government Begins Blockchain Tech Development

The government of China is establishing an investment association to adopt blockchain technology development in the country.

The project, entitled Global Blockchain Investment and Development Centre (GBIDC), is reportedly an initiative of the Investment Association of China (IAC) which is a social organization set up to simplify important domestic investment projects and contributed to the arrival of foreign capital, according to news outlet The Paper.

The news first sparked speculations after a document leaked on the internet appears to be issued by the IAC regarding the new entity.

After confirming the legitimacy of the document to The Paper, Liu Ren, Vice Chairman of the IAC, clarified that the initiative came after the association found out about the growing fame of blockchain. Following which, the IAC decided to provide funds and formulate standards for the upcoming industry.

It is still unclear whether the funding will come from the state or private sector, however.

The impending funding center, which is scheduled to be set up under the IAC Foreign Investment Committee, will target collaboration with foreign blockchain projects and will invest in high-quality domestic initiatives. The project of the GBIDC is also planning to provide consulting services to entities that are willing to invest in blockchain projects.

The IAC is an institution founded in 2001 and reports directly to China’s National Development and Reform Commission, the main government agency taking care of economic and investment reforms in the country.

The GBIDC project is being set up because the Chinese government is actively trying to develop the domestic blockchain industry.