It is reported that the investment Association, which stands for the government of China, announced the start of funding for blockchain projects to contribute to the development of this technology in the country.
The initiative, called the Global center for investment and development of the blockchain (GBIDC) and is headed by the Investment Association of China (IAC), a social organization that works with major inward investment projects and attracts additional capital from abroad if necessary.
Liu Ren, Vice Chairman of Investment Association of China, said that this is a response to the growing popularity of this technology.
It is unclear who will be the funding sources for this initiative: public or private sector.
The new financial center will cooperate with foreign investors and projects, and will invest in promising internal projects. The organization also will provide consulting services to agencies that are interested in investing in blockchain projects.
Investment Association of China was founded in 2001 and reports directly to the National Committee of China on development and reforms, the main government Agency responsible for economic and investment reform in the country.