China to Initiate Block-chain Funding Center

IAC, the Investment Association of China is a government-affiliated social body which encourages domestic investment projects to drive in foreign capital in the country.  As of late, the association is striving to improve the development of the blockchain industry in the country through an initiative termed- Global Blockchain Investment and Development Center a.k.a. GBIDC.

The news was initially found circulating around the internet as a document hinting at the idea for the center. Later on, IAC Vice Chairman, Liu Ren confirmed that they were planning to put this initiative into motion. Ren also stated that the idea to go forward with GBIDC started by observing the prevalent development in the field of blockchains.

Currently, it is unclear whether the public or private segments will be used to fund the subsidizing sources. All that is known is that the new funding center will work under IAC’s Foreign Investment Committee trying to provide valuable local initiatives with necessary funding as well as looking for future coordinated efforts with abroad blockchain projects.

The chairman also went on to add that IAC currently has plans for promoting research and development relating to blockchains in China as one of their leading priorities. They are also planning to strengthen their bound with international blockchain resources.

Currently, the center is at a preparatory level. Many financial departments and experts are looking into understanding the situation and future repercussion of the project. A clear understanding of the matter should be reached shortly, and it will be discussed at an international blockchain summit which is planned to be held in May.

As we have seen, again and again, China is strictly against cryptocurrencies. But this attitude isn’t blocking their enthusiasm related to blockchains, the technology behind these digital currencies. The country is now looking forward to creating a system to better manage blockchain development and innovation inside the country. The country’s Ministry of Industry and Information Technology announced on March 12 that they would be launching a committee to develop national standards for digital ledger based technology.

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