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China To Crackdown on Both National and International Bitcoin Exchanges

Chinese Blockchain Investment to Create a Global Stir

Reading Time: 2 minutes by on March 17, 2018 Blockchain, Business, Finance, News, Tech

A government-led venture relationship in China is reportedly setting up a financing focus to encourage blockchain improvement in the nation. The activity, named the Global Blockchain Investment and Development Center (GBIDC), is said to be driven by the Investment Association of China (IAC), a social conduit that encourages significant domestic investment projects and has pulled in foreign capital.

Growing Interest Earns Institutional Interest

The news initially developed when a document was passed on over the internet, which had all the earmarks of the IAC concerning the new entity.

Since then, Liu Ren, Vice Chairman of the IAC, has confirmed the record’s authenticity to the paper, clarifying that the initiative came to fruition after the association noticed the developing prevalence of blockchain.

Accordingly, the association settled on the choice to finance and shape measures to the business, Ren included.

Whether the subsidizing sources will be funded from the public or private segments is undecided at current.

The new funding center, which will be set up under the IAC’s Foreign Investment Committee, will look for future coordinated efforts with abroad blockchain projects and will put procured resources into excellent local initiatives.

Experience Turns to Innovation

The extent of the GBIDC will include providing consulting services to institutions that are interested in investing in blockchain initiatives.

Established in 2001, the IAC reports straightforwardly to China’s National Development and Reform Commission, the principal government organization responsible for financial and speculation change in the nation.

Liu Ren, vice chairman of the IAC, said the growing popularity of blockchain is the main reason they decided to enter the industry formally.

The chairman added that they would vigorously promote research and development, application, promotion, investment and blockchain innovations in China. Another goal will be to strengthen the integration and international cooperation of blockchain resources.

Liu Ren also stated that the center is still in the preparatory stage and will be officially announced on March 18, 2018. Specifically, departments and experts will take a course and, after a clear understanding of the situation, may hold an international blockchain summit in May.

The GBIDC activity comes as China sees a developing number of government-driven endeavors to build up the residential blockchain industry.

China’s blanket ban on cryptocurrencies has not prevented the country from supporting blockchain, the technology behind crypto.

On March 12, 2018, China’s Ministry of Industry and Information Technology announced that it would launch a committee to develop national standards for blockchain technology.

What do you think of China’s increased interest in the blockchain field? What would this mean for Bitcoin? Let us know in the comments.

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