China’s Nanjing City Launches $1.5 Billion Blockchain Investment Fund

THELOGICALINDIAN - Despite the civic ban on ICOs and adopted crypto barter trading China appears to be alleviation its anchor at atomic area blockchainbased technologies are concerned

China represents an absorbing dichotomy back it comes to cryptocurrencies and blockchain technology. On the one hand, they are abundantly restrictive, accepting instituted a nationwide ban on ICOs aftermost year, as able-bodied as arise bottomward on bounded crypto exchanges – and banning adopted exchanges altogether. On the added hand, however, aspects of both industries arise to be flourishing.

Despite the restrictions, China accounts for added than 70% of the absolute Bitcoin network’s hashrate and they advance the apple in the cardinal of blockchain apparent applications. And now, it appears that the Chinese government has clearly absitively to booty a added proactive attitude with commendations to the development of blockchain technology aural the country.

A alternation of contest took abode in May, which catalyzed absolute changes in the country. Its government announced that it’s alpha to assignment on blockchain standards and that it intends to acquaint them by 2019. Shortly after, the Ministry of Industry and Information unveiled a whitepaper which appear that the country is agreement absolute focus on the development of blockchain technologies. The certificate additionally appear that China is the world’s baton in agreement of blockchain patents filed.

To top it off, the country’s admiral Xi Jinping said that blockchain will be allotment of the “new automated revolution.”

Chinese Yuan

In an attack to strengthen the badge abridgement as able-bodied as accessible blockchain projects in the country, Nanjing City launched a 10 billion yuan ($1.5 billion) advance fund. The basic of Jiangsu Province abutting the action calm with Zhongguancun Blockchain Industry Alliance.

The Alliance represents a amassed of blockchain companies as able-bodied as government analysis institutes based in Beijing.

The advertisement was fabricated during the Industrial Public Chain Summit which was abounding by baronial officials, including the agent secretary of the Communist Party of China, Luo Qun.

The purpose of the action is to incentivize the development of new blockchain-based technologies in different, cross-border platforms acceptable industries like energy, healthcare, bookish property, ecology protection, and so forth.

This is not the aboriginal above blockchain advance armamentarium to allure official authoritative involvement. In April, the burghal of Hangzhou announced addition $1.6 billion armamentarium appointed for companies application the blockchain field.

The account was met with able abutment amid the assembly of altered industries at the summit. Wang Xiaohui, agent administrator of the Tsinghua University’s Internet Industry Research Center, categorical that common cooperation with industries, accord and freedom are all-important to acceleration up the success of the field.

Yuandao, Chairman of the Zhongguancun Blockchain Industry Alliance acclaimed that industries which accept blockchain will accompany added abstruse breakthroughs.

Do you anticipate China’s adorning accepting of blockchain technology will eventually backpack over to the cryptocurrency space? Let us apperceive in the comments below.

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