China’s Blockchain finance center project was canceled for legal reasons.
China’s Blockchain finance center project was canceled because it did not comply with legal regulations
On March 27, the China Investment Association ( According to the document published on the IAC) website, the establishment of China’s Global Blockchain Investment and Development Center (GBIDC), announced earlier this month, was canceled as it did not comply with the legal regulations regarding the establishment of its branches.
Representatives of branch offices of social organizations they could not establish branches or representative offices under
GBIDC was to be managed by IAC, a social organization that facilitates domestic investment project and attracts foreign capital.. The document published on March 23 states that social organizations cannot establish branches or representations under the representations of branch offices.. Therefore, IAC had to withdraw its approval request for the Blockchain hub.
GBIDC was intended to promote Blockchain investment partnerships and funds
GBIDC’s blockchain investment link connecting local and international sources and would support the Chinese Blockchain projects leading international forums on this subject.. It was also intended to promote industry standards and Blockchain investment partnerships and funds.. The scope of GBIDC would also include providing advisory services to institutions interested in investing in Blockchain startups.
Chinese Ministry of Industry and Information Technology supports Blockchain technologies
Earlier this week, China Industry and Information Technology The Ministry of Technology (CMIIT) has published a document on their support for technological innovations, including Blockchain, and the potential of Blockchain technologies to improve China’s industrial sector.
Chinese organizations have recently supported Blockchain in tangible ways
Chinese organizations have recently supported Blockchain in tangible ways. The Central Bank of China filed a patent application for a Blockchain scaling solution in February. China’s largest retailer, JD.com, launched a new Blockchain study on food safety and traceability in China the same month.
Despite its support for Blockchain, China has recently took various measures against the currency sector
Despite its support for blockchain, China has recently taken several measures aimed at the cryptocurrency sector. Last year’s fall ICO ban and January bans on cryptocurrency exchanges are just a few of China’s restrictions on the cryptocurrency industry.
Cointelegraph