Chinese Investment Group to Launch Blockchain Funding Center

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Even the GBIDC initiative comes as China is seeing a rising number of government-led attempts to develop the domestic blockchain market.

Ever since that time, Liu Ren, vice chairman of the IAC, has verified that the document’s legitimacy into The Paper, explaining that the campaign came about following the association noted the growing popularity of blockchain. Consequently, the association made the choice to offer financing and shape criteria for the business, ” he added.

Just this past week, the Ministry of Industry and Information Technology of China declared that it will start a committee to develop national criteria for blockchain engineering.

Founded in 2001, the IAC reports directly into China’s National Development and Reform Commissionthat the major government agency in charge of economic and investment reform in the country.
The chief in blockchain news, CoinDesk is a media outlet that tries for the highest journalistic standards and abides by a strict series of qualitative policies.
The new financing centre, which will be set up beneath the IAC’s Foreign Investment Committee, will seek future collaborations with overseas blockchain projects and will spend in top quality domestic initiatives. The scope of the   GBIDC may also include providing consulting services to associations which are interested in investing in blockchain initiatives.

The initiative, dubbed the Global Blockchain Investment and Development Center (GBIDC), is supposedly led by the Investment Association of China (IAC), a social organization that facilitates important domestic investment projects also has brought foreign capital, according news outlet Social media.
The news first surfaced when a document was circulated on the internet, which appeared to be issued with the IAC concerning the new entity.

But if the financing resources will be sought from the country or private sectors remains unknown up to now.

A government-led investment association in China is allegedly establishing a financing center to boost blockchain growth in the country.