Nanjing, the capital of the Chinese province Jiangsu, is setting up a 10 billion yuan ($1.48 billion) blockchain investment fund to support public blockchain projects in the country.
The capital of Jiangsu province, China, together with Zhongguancun Blockchain Industry Alliance, a Beijing-based alliance formed by blockchain companies and government research institutes, announced the $1.48 billion fund at the inaugural Industrial Public Chain Summit (IPCS) attended by Luo Qun, deputy secretary of the Communist Party of China in Nanjing, among other high-level local government officials.
The goal of the new fund is to support the development of new blockchain technologies for cross-border platforms, content, healthcare, energy, intellectual property, and environmental protection. According to the ZDNet report, China is currently the leader in the number of block chain patents filed.
Not only will this project provide capital and resources for funding recipients, but it will also aid blockchain companies to move their headquarters to Nanjing in a bid to help the blockchain space develop locally as well as abroad.
Initially resistant to blockchain development and clamping down on cryptocurrency trading, the Chinese government has softened its stance since the beginning of this year. President Xi Jinping, in a meeting with local scientists and engineers in May, called it a breakthrough technology, comments widely seen as an endorsement.
Despite the tough position on the matter, however, blockchain technology is flourishing in China. A recent publication of The South China Morning Post claimed that over 4000 companies in the country have “blockchain” in their name and more than 16 000 businesses are using the technology in one way or another.