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.
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
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- Russia Is Not Planning To Buy $10 Billion In Bitcoin
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- $1 Billion In Transactions Reported For 2018 By BitPay
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