China’s Local Governments are Getting into Blockchain

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11:05 PM HKT, Fri April 27, 2018 1 mins read

Around this time last month, we examined China’s slightly uncomfortable relationship with cryptocurrencies and the blockchain technology behind them. In doing so, we wrote that, “Eventually, if China wishes to remain competitive and continue to pursue its ambitious global economic program, it too will have to foster a welcoming environment for blockchain projects.” We’re now starting to see the first moves in what that environment might look like.

A fortnight ago, the Hangzhou government announced a 10 billion RMB ($1.6 billion USD) blockchain fund, at the same time as opening a new Blockchain Industrial Park in the city. The backers claim that the fund is the world’s largest investing in blockchain projects, according to a report in South China Morning Post.

At the beginning of this week the southern city of Shenzhen followed suit by launching a 500 million RMB ($79 million USD) government-backed, blockchain-focused venture capital fund, news that signalled “the blockchain industry in China is entering what some local commentators have dubbed a ‘government-led mode,'” according to TechNode.

Now, authorities in Fujian have announced a raft of measures partly aimed at fostering a blockchain-friendly environment. Here’s TechNode again:

China’s southeastern coastal province Fujian has announced a regional policy that encourages local tech companies and startups to adopt blockchain technology, along with a series of cutting-edge technologies like computer vision, AI, virtual reality, and edge computing.

The Chinese government still holds a conservative view towards cryptocurrencies as the ban on cryptocurrency exchanges and ICOs are still in effect. But the country is becoming increasingly committed to blockchain, the technology behind them.

For more on China’s leading blockchain projects, check out our article below:

Cover photo: Shenzhen, by the BBC

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