China Launching New Blockchain Research Institute

FinTech, ICO News, News, Regulation | September 20, 2017 By:

Although China has recently taken a hard line on cryptocurrency exchanges and initial coin offerings, it still apparently believes in the transformational promise of blockchain.

The Caixin news service reports that  the country’s Ministry of Industry and Information Technology has created the Trusted Blockchain Open Lab, a research facility to support blockchain technology development. The new institute will be under the purview of the China Academy of Information and Communications Technology (CAICT).

The government is aware that falling behind in developing blockchain is not an option. In a report by the China Economic Review, Di Gang, vice director of the Digital Currency Research Institute within the People’s Bank of China, said the recent crackdown came because of excessive speculation. “There have been many blockchain conferences where the number of business personnel exceeds technical personnel.”

However, his boss, Sun Guofeng, director general of the Digital Currency Research Institute, earlier stated that blockchain is “a good technology,” although he took a dim view of the initial coin offering phase that fueled the current boom.