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China Gov’t-Linked Investment Org Plans Int’l Blockchain Center, Leaked Doc Says

March 19, 2018

The government-linked Investment Association of China (IAC) is planning to create an “International Blockchain Investment Development Center,” aimed at introducing industry standards and Blockchain investment alliances and funds, local news outlet The Paper reported March 14.

 

The IAC is a national social organization registered under the Ministry of Civil Affairs of the People’s Republic of China.

 

The Paper cites a photo posted online, apparently of a leaked government memorandum on the implementation of the “Thirteenth Five-Year-Plan” to develop innovation in Blockchain  technology. Liu Ren, the vice chairman of the China Investment Association as well as the chairman of its Foreign Capital Committee, confirmed the validity of the document to The Paper, citing Blockchain’s rise in popularity as the impetus for forming the center.

 

According to the document, the Blockchain innovation plan overall involves linking domestic and international resources, investing in Chinese Blockchain projects, consulting for foreign investment in Blockchain, leading international Blockchain forums, as well as setting up the investment development center.

 

Ren told The Paper that the center will be officially announced on March 18, and an international summit on Blockchain may be held in May 2018. The photographed document is also stamped March 18, 2018.

 

While the Chinese government has implemented various bans around cryptocurrency trading and use in the country this year, it appears to be more open to development in Blockchain technology as a whole. The state-run Bank of China has filed a patent released in Feb. 2018 for a solution to scale Blockchain technology systems, and China’s top retailer, JD.com, announced the launch of a startup incubator to attract foreign Blockchain projects in late February.

 

By Molly Jane Zuckerman

 

 

 

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