China’s Blockchain Industrial Park Partially Funded by Government

Third of the funds for the Blockchain Industrial Park comes from the government. The park will support innovations in blockchain in the country.

China is building a Hangzhou Blockchain Industrial Park worth of 10 bln yuan (around $1.6 bln) investment according to an announcement during the opening ceremony of the park yesterday. The Xiongan Global Blockchain Innovation Fund to support the park was announced yesterday. Yuhang District Government is financing the park while 30 percent of the funds are “government-guided”. Additionally, the companies and partners involved in the investments created the Zhejiang Shimang Blockchain Strategic Development Research Institute for the park. They contracted ten blockchain projects from around the world during the opening ceremony of the park.

Future Science and Technology City Administrative Committee, and the Hangzhou Haoyu Investment Management Co, which will manage the fund through its constituents Handan Investment and INBlockchain. Hangzhou Haoyu Investment Management participated in EOS, Qtum, Zcash, and SIA projects. Two managers of the fund, namely Bitcoin (BTC) investor Li Xiaolai and Blockchain “celebrity” Lao Mao, are partners at INBlockchain.

The park will help to support innovations in the blockchain. For instance, the research institute will disseminate the information and education in the blockchain. It is expecting to help connect companies with blockchain interests and support startups.

Lots of hope for blockchain tech in the country

The park opening comes barely two weeks after the cancellation of plans for an international Chinese Blockchain Center due to legal technicalities. China has a strict stance on cryptocurrencies and last year, the government was all-over in the news against cryptocurrencies and ICO crackdowns. The country banned ICOs in 2017 fall and then crypto exchange-like services in January and foreign crypto exchanges this February. Many companies have since moved out to other countries.

The cancellation document said that social organizations cannot “set up branch offices or representative offices under representative offices or branch offices.” This led to the Investment Association of China’s (IAC) cancellation of the deal. The plan was to promote blockchain by supporting Chinese blockchain projects, linking domestic and international resources. However, for blockchain investment, introducing industry standards and leading international forums on the issue.

However, blockchain the technology behind cryptocurrencies has huge support by some companies. Including Bank of China which has a patent on blockchain scaling solution. And top retailer, which has a startup incubator for blockchain projects.

Will blockchain investment in China help promote understanding of cryptocurrencies? Let us know on Twitter and Telegram.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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