The city of Nanjing and the capital of the province of Jiangsu is among the first cities in the world which set up a fund for investing in public blockchain projects. The capital of the Chinese province has put together 10 billion yuan ($1.5 billion USD) in a blockchain investment fund.
One of the key partners towards the development of this fund has been Zhongguancun Blockchain Industry Alliance, the alliance which is headquartered in Beijing, formed by government research institutes and blockchain companies.
The initiative has been initially revealed at the first Industrial Public Chain Summit (IPCS) where among the high-level government official attendees, there was the Deputy Secretary of the Communist Party of China, Luo Qun.
What’s interesting is the fact that China had a diverse approach to blockchain over the years. A year ago, the country banned all ICOs – and recently – it reaffirmed the stance and pledged to go after foreign ICOs.
Earlier this year, the country also ranked several existing cryptocurrencies – and Bitcoin did not make it to the top 10. The companies which have ‘blockchain’ in their name, on the other hand, measured an increase of up to 454% after their rebranding.
Currently, one Chinese official authority is working alongside the blockchain alliance to develop the local token economy and public blockchain projects. This is another sign that China’s stance on cryptocurrencies is changing.
Meanwhile, China is already the world leader when it comes to the number of blockchain-related patents – with 225 patents filled only last year – followed by the United States with 91.
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