A government-led investment association in China is reportedly establishing a funding center to foster blockchain development in the country.
The initiative, dubbed the Global Blockchain Investment and Development Center (GBIDC), is said to be led by the Investment Association of China (IAC), a social organization that facilitates major domestic investment projects and has attracted foreign capital, according news outlet The Paper.
The news first emerged when a document was circulated over the internet, which appeared to be issued by the IAC regarding the new entity.
Since then, Liu Ren, vice chairman of the IAC, has confirmed the document's authenticity to The Paper, explaining that the effort came about after the association noted the growing popularity of blockchain. As a result, the association made the decision to provide funding and shape standards for the industry, he added.
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