China Reviews Blockchain Development Fund

Blockchain Development Fund

Recently China has been laying out ideas of creating its own blockchain developmental fund. The spike in interest first appeared when a deputy to the National People’s Congress (NPC) of China Jieqing Tan first proposed this idea.

This proposal should not be taken lightheartedly for the NPC is China’s most powerful legislative body, meaning that China and the world of crypto should expect big news in the near future.

Tan stated that the main goals of the fund are to push for blockchain innovation within the country, while also developing the existing ones. He believes that the use of blockchain has the potential of modernising China’s government processes, and in time bringing it as a global leader in the development of future blockchain technology.

Tan acknowledges the ambition behind this project, and so he suggests that a clear plan be developed,

from the bottom technology standard, middle industry application development to the top-level system design, the national blockchain technology industry and supervision [of the] three-dimensional strategic planning system should be well coordinated.”

However, Tan pointed out that there are several aspects that impend the growth of the Chinese blockchain industry, mainly the small number of enterprises, the local currency, and that there is a lack of talent and information.