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China Sets to Launch a Government-Backed Blockchain Investment Center

Blockchain fever has been getting hotter in China recently as the government is stepping up its support for the development of the industry.

A government-led investment association, known as the Investment Association of China(IAC), is reported to set up “the Global Blockchain Investment and Development Center ( GBIDC)”, a blockchain founding center , according to a report from the local media, The Paper.

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The news first emerged when an official document started circulating online, saying that in order to vigorously promote R&D, application, investment and innovation of blockchain in China and to improve international cooperation, the GBIDC is agreed to be established under the IAC’ Foreign Investment Committee.

According to the document, the newly-created  center will work to seek future cooperation with overseas blockchain companies, invest in high-quality domestic projects, provide consulting services to institutions that have an interest in investing blockchain, and host blockchain-themed seminars and international summits.

Liu Ren, vice president of the IAC , confirmed the authenticity of the news to The Paper. He mentioned that the initiative came after blockchain technology has been growing in popularity in China. Thus the association hoped to take this opportunity to help shape standards  for the industry , and to establish blockchain investment alliances and investment funds as well.

Liu added that the center will be officially unveiled on March 18, and they also plan to hold an international blockchain summit in May.

Li Dawei, deputy director of the GBIDC, said that the new center “will serve as a bridge between government bodies and blockchain industry”, according to 8BTC.

The Investment Association of China (IAC) , founded in February 2001, is a social organization directed by China’s National Development and Reform Commission, a central economic planning agency.

The  GBIDC initiative comes after the Ministry of Industry and Information Technology(MIIT) announced earlier this week that it was considering o set up a national technical standardization committee for blockchain and distributed ledger technology(DLT). By forming the new committee, MIIT intends to develop national standards to boost the development of blockchain industry in China.

These two moves in succession signal Beijing’s endorsement of the underlying technology behind bitcoin and its ambition to be a front runner in the burgeoning sector.

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