Chinа Adopts Blockchain Despite Cryptocurrency Ban.
Despite China’s crack down on crypto trading, ICO and subsequently on mining of cryptocurrencies, Chinese local governments are going forward with blockchain-related projects and encourage investments that could benefit start-ups using the distributed ledger technology. According to the report in South China Morning Post, the interest in blockchain adoption is supported by several recent developments. For example, Shenzhen, one of the busiest cities in southern part of China, has launched a local government-backed fund focused on blockchain investments. The fund has an initial war chest of 500 million yuan (US$79.4 million), 40% of which is financed by the Shenzhen Angel Capital Guiding Fund, also known as the Angel Fund of Funds. The announcement was made at a Blockchain Expo held in the city recently. In another move, the master plan for China’s new economic zone being built near Beijing, known as the Xiongan New Area, sets out the use of several advanced technologies, including blockchain, to transform the area into a smart city, the report adds. “Those two initiatives imply that more local governments in China are paying attention to blockchain technology,” Katt Gu, the managing director at iBlock, an incubator for blockchain projects at the University of Illinois at Urbana – Champaign, told CSMP. Chinese regulatory authorities had imposed a ban on initial coin offerings (ICO) and termed it illegal in the country in September last year. Following this, the Shanghai-based BTCC bitcoin exchange was forced to close its Chinese trading operations.
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