China’s Congress Suggests Setting Up Blockchain Development Fund May 25, 2020 May 25, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsMay 25, 2020 by Kelly Cromley

China’s Congress Suggests Setting Up Blockchain Development Fund

China’s influential political advisory organization, National People’s Congress (NPC), China’s parliament and Chinese People’s Political Consultative Conference, has begun annual meetings, referred to as “Two Sessions” or “lianghui” on May 22. Almost 3,000 members of NPC, being the country’s top legislative body, meet annually to table their suggestions.

As per Beijing News report, Jieqing Tan, NPC’s deputy, proposed establishing a special fund for advancement of blockchain sector. If the proposal gets accepted, Beijing will lead the fund.

According to Tan, the intention of the fund is to back the growth of several budding blockchain focused firms, promote blockchain technology advancement, and cultivate several unicorn firms in the blockchain sector.

By backing the advancement of the blockchain sector, Tan trusts it will “modernize” the country’s administration system.

Tan further stated that blockchain tech will not only act as a great tool in enabling smart governance and establishment of highly trustworthy society, but also assist the country to gain lead worldwide in the advancement of the technology.

He believes that by taking a lead in blockchain technology, China will be able to safeguard its national interests and sovereignty in a better manner.

Tan opined that that a transparent national blockchain sector development strategy should be implemented. He stated:

From the bottom technology standard, middle industry application development to the top-level system design, the national blockchain technology, industry and supervision three-dimensional strategic planning system should be well coordinated.”

The latest economic capability and fresh job opportunities created through blockchain technology is enormous.

Nevertheless, Tan indicated that presently the quantum of limited blockchain companies, its scalability and non-availability of talent and information has been the main issues limiting the blockchain ecosystem from creating a robust ecosystem.

China’s central bank was also granted $4.70 million as funding for its blockchain trade platform over the coming three years.

The tax bureau of Beijing stated that it is piloting a blockchain based invoicing app for creating an eco-friendly, simple and open future governing model.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.