In China will start the creation of Blockchain Funding Center

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The initiative, called the Global Blockchain Investment and Development Center (GBIDC), is led by the China Investment Association (IAC), a social organization that facilitates large domestic investment projects and has attracted foreign capital. The news came for the first time when the document was distributed via the Internet, which appeared to have been released by the IAC with respect to the new facility.

Since then, Liu Ren, deputy chairman of the IAC, has confirmed that efforts have arisen after the association noted the growing popularity of blockchain. As a result, the association decided to provide funding and formulate standards for the industry.

However, it is still unknown whether funding sources will be sought from the public or private sectors.

The new funding center, which will be established in the framework of the Foreign Investment Committee of the IAC, will strive for future cooperation with foreign blockchain project and will invest in high-quality domestic initiatives. The volume of GBIDC will also include the provision of consulting services to institutions that are interested in investing in blockchain initiatives.

The GBIDC initiative is that China sees an increasing number of government efforts aimed at developing the domestic blockchain industry.

This week, the Ministry of Industry and Information Technology of China announced that it will launch a committee to develop national standards for blockchain technology.