PRoC Founds $1.5 Billion Blockchain Fund

July 25, 2018

Nanjing, the city to the east of the People’s Republic of China, is considered to be the fourth capital of the state and along with Xian and Beijing has the world’s largest river port.

The fund of Nanjing was formed in collaboration with Zhongguancun Blockchain Industry Alliance comprised of governmental agencies. One of the company employees voiced his plans to found a blockchain fund at IPC summit. The deputy secretary of the Communist Party of China in Nanjing, Luo Qun said, the more industries will apply distributed ledger, the more companies get interested in it and consequently the more likely they follow the same way. Meanwhile, the city authorities recommend to move all blockchain organizations within city limits.

It must be noted that given all restrictions introduced in the crypto sector in China, the DLT technology is welcomed and actively studied and supported by the state. For instance, over the last year China saw around 16,000 organizations opening with the word “Blockchain” in their names while authorities in huge number of Chinese cities develop intensively this industry: over this year almost half of all startups employing DLT got financial assistance in the country.

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