A government-affiliated organization in China has announced that, in line with the country’s current “five-year plan” for economic growth, it will establish an organization to promote blockchain investment and development.
The China Investment Association, a government-affiliated body that describes itself as “a national social organization registered with the Ministry of Civil Affairs,” is reportedly planning to set up what it calls an “International Blockchain Investment and Development Center.”
The institution will invest in Chinese blockchain projects, establish investment funds, offer consulting services to foreign financiers considering investing in China’s blockchain industry, and organize seminars and other blockchain-related events. The soon-to-be-inaugurated center is expected to be formally announced on March 18, and it could start hosting events as early as May 2018.
It has also emerged that the association may introduce standards and norms for the country’s distributed ledger technology industry.
A memorandum bearing the letterhead of a committee within the association relates that the organization “vigorously promoted the R&D, application, promotion, investment and innovation of blockchains in China” and approved the center’s establishment in accordance with China’s latest “Five-Year Plan.” Five-year plans, which made their debut in the country under Communist Party Chairman Mao Zedong, are strategies drafted by Chinese leadership to promote economic growth.
In other blockchain news out of China, it’s been reported that contrary to the expectations of some in the industry, no mention of cryptocurrencies was made during the annual televised “315 Gala” on March 15. The gala is a consumer protection-focused event which serves as a platform for naming and shaming unscrupulous businesses.
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Adam Reese is a Los Angeles-based writer interested in technology, domestic and international politics, social issues, infrastructure and the arts. Adam is a full-time staff writer for ETHNews and holds value in Ether and BTC.
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