Chinese Blockchain Funding Center Plan Scrapped Over Regulatory Issues

Chinese Blockchain Funding Center Plan Scrapped Over Regulatory Issues

The Investment Association of China (IAC) has scrapped a previously reported plan to launch a funding center to boost blockchain development in the country.

In an announcement Tuesday, the IAC, a government-led social organization that facilities major domestic investment projects, explained that the administrative structure of the new initiative may be in conflict with code currently enforced by China's Ministry of Civil Affairs.

The statement pointed to the issue that a social organization can not establish further subsidiaries under its existing sub-committee, according to the ministry's rules. However, the IAC has yet to clarify whether the initiative might still be implemented via an alternative structure.

The IAC first announced the initiative - dubbed the Global Blockchain Investment and Development Center - in mid-March, with plans for it to be overseen by the organization'sForeign Investment Committee.

According to CoinDesk'sreport at the time, the new center had been intended to provide the necessary funding for blockchain projects seen to have high potential in China after the IAC observed the growing popularity of the technology in the country. Other areas of focus were said to be providing consulting services toinstitutions interested in investing in blockchain initiatives.

Founded in 2001, the IAC reports directly to China's National Development and Reform Commission, a majorgovernment agencyin charge of economic and investment reform in the country.

Red traffic light image via Shutterstock

28.03.2018 / 02:45 146
Blockchain Standardization Tops Chinese IT Ministry's 2018 Agenda Blockchain Standardization Tops Chinese
China's Ministry of Information Technology and Industry has put blockchain standardization high up on its list of priorities for 2018. According to
China Govt-Linked Investment Org Plans Intl Blockchain Center, Leaked Doc Says China Govt-Linked Investment Org Plans
The Investment Association of China, a government-linked organization, will officially announce a Blockchain Development Center later this month,
ASAP: China is Working Toward National Blockchain Standards ASAP: China is Working Toward
Chinas industry & IT ministry is working toward creating domestic standards to propel development and implementation of blockchain technology in
China's IT Ministry Moves to Create National Blockchain Standards China's IT Ministry Moves to Create
A Chinese government body is considering creating national standards to boost the growth of blockchain and distributed ledger technology (DLT) in the
Comments (0)
Add a comment
Comment on