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Funding for Blockchain Development: China Takes its Next Steps

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The Investment Association of China (IAC) has launched a new initiative, known as the Global Blockchain Investment and Development Center (GBIDC). Its purpose is to encourage blockchain usage and development within China, providing assistance and funding. This represents another step forward for China, as the government looks to soften its stance on the blockchain and crypto sector.

China Being More Outward Looking

There are many countries which have taken hard stances against cryptocurrencies, ICOs and blockchain technology, but China have most definitely led the way. Their blanket bans have caused companies to go abroad to find safe haven, taking huge amounts of investment with them. Now though, it would appear that the government is plotting a path that will see this all change, albeit under tight regulation.

The introduction of the GBIDC shows that China is responding to popularity and demand in small, cautious steps. The GBIDC will be looking at “international blockchain investment development”, according to Chinese media source, The Paper. But they will also be looking at increasing the opportunities for usage domestically:

We will vigorously promote R&D, application, promotion, investment and innovation of blockchains in China, [and] strengthen the integration and international cooperation of blockchain resources.

Translated from thepaper.cn

Of course, the focus of their investment will be on high-level, verified projects, meaning that there won’t be a swarm of ICOs suddenly popping up any time soon. And there is no mention of a reversal of the crypto ban as yet. But it may well be that that this provides some hope for a general public who are obviously very interested in crypto-trading and blockchain development, that their government will eventually produce a set of regulations for trading and welcome exiled businesses back home with open arms.

Image Credit: Deposit Photos

 

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