Investment association of China (IAC) which is led by Chinese government is looking to set up a funding center to advance the development of blockchain technology in the country. The initiative is named Global Blockchain Investment and Development Centre (GBIDC) and will be first of its kind institution in tChina.
IAC, which is a social organization that expedites major domestic investment projects, is ushering this initiative. They were founded in 2001 and has already attracted a number of foreign investments for China’s National Development and Reform Commission. The purpose of GBIDC is to encourage blockchain usage and development within China by providing assistance and funding.
Liu Ren, deputy chairman of the IAC, has said that they are joining with the government to cater to the demand of the popularity of blockchain. The association is going to provide funding and develop standards for the industry. They are also going to provide provisions of consulting services to institutions that are interested in investing in blockchain. It is still not known if the funding sources will be solicited from public or private investors.
China has led the way in taking hard stances against cryptocurrencies by issuing blanket bans. These prohibitions have caused companies to find a safe haven outside China. The government is planning to change that by taking innovation into their own hands and developing technologies which is in control of the government.
Earlier this week, the Ministry of Industry and Information Technology of China had announced to launch a committee to develop blockchain standards for the country after many advisors had suggested that the nation should form guidance and regulations to ease the development of blockchain technology.
Interest in blockchain technology by governments is growing exponentially as countries like Israel, Turkey, Venezuela and India have shown interests in it in some form of the other.