Chinese city unveils $1.5bn fund to boost blockchain projects

July 23, 2018
Chris Wheal

Chinese city Nanjing has unveiled a $1.5bn blockchain fund intended to stimulate the local digital economy and public blockchain projects.

The initiative was announced at the Industrial Public Chain Summit (IPCS), an event attended by various local government officials.

It marks a continuation of the apparent recent trend of a general softening in the country’s stance towards blockchain following the earlier clampdown on cryptocurrency trading.

In May, Chinese President Xi Jinping made positive comments on blockchain, labelling it as a technological breakthrough.

Aims

The new $1.5bn blockchain fund is being touted by Nanjing, the capital of China’s Jiangsu province in association with Zhongguancun Blockchain Industry Alliance, a Beijing-based partnership formed by various blockchain companies and government research institutes.

It will aim to promote the use of blockchain technology in applications such as cross-border platforms, healthcare, energy and environmental protection.

Blockchain companies will be encouraged to locate in Nanjing.

Samsung pioneers blockchain

Samsung among early blockchain pioneers

South Korea link

Among the attendees at the inauguration of the project was Oh Kap-soo, chairman of South Korea’s government-backed finance research institute Global Finance Society.

Oh Kap-soo pointed to blockchain’s wide applications across education, science and finance, while pointing to the likely benefits of cooperation between China and South Korea in accelerating blockchain development.

Korean firms have been among the early blockchain pioneers with Samsung having launched Nexfinance, a blockchain-based finance platform.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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