Blockchain Funding Center Planned By China’s Investment Associationbr>
The Investment Association of China (IAC) is reportedly establishing a funding center in a bid to support blockchain development efforts in the country.
Founded in 2001, the IAC reports directly to China’s National Development and Reform Commission, the major government agency in charge of economic and investment reform in the country.
Dubbed the Global Blockchain Investment and Development Center (GBIDC), the funding center will be established under the IAC’s Foreign Investment Committee. It will seek collaborations with overseas blockchain projects, invest in domestic projects, as well as provide consulting services to institutions that are interested in making blockchain-related investments.
Liu Ren, vice chairman of the IAC, said the growing popularity of blockchain is the main reason they decided to provide funding and shape standards for the industry. He added that they will vigorously promote research and development (R&D), application, promotion, investment and innovation of blockchains in China, and strengthen the integration and international cooperation of blockchain resources.
China’s blanket ban on cryptocurrencies has not prevented the country from supporting blockchain, the technology behind crypto. Last week, China’s Ministry of Industry and Information Technology announced that it will launch a committee to develop national standards for blockchain technology.