• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency Technology

Blockchain Investment Fund Launches in China’s Nanjing to Develop Public Projects

Nick Chong by Nick Chong
3 years ago
in Cryptocurrency Technology
Reading Time: 2min read
Nanjing
Advertisement
Listen to Article

China’s relentless march towards blockchain development is continuing, with reports indicating that a Chinese city will be supplying capital for a $1.5 billion blockchain fund.

China’s Admiration for Blockchain Technologies Continues with the Nanjing Fund

Nanjing, the capital of the Jiangsu province in Eastern China, has just launched a blockchain-centric fund with 10 billion Chinese yuan ($1.48 billion) in funding, as per a report from the technology-focused news source ZDNet.

The Nanjing-based fund will be focused on promoting public blockchain projects in China, along with encouraging and facilitating the so-called “token economy” in legacy systems. To make this fund a reality, the city of Nanjing collaborated with the Zhongguancun Blockchain Industry Alliance, a Beijing-based consortium of independent blockchain firms and research institutes from the Chinese government.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Representatives from the two independent entities announced the project at the first-ever Industrial Public Chain Summit (IPCS), which was attended by blockchain industry leaders along with prominent governmental officials from Nanjing, namely Luo Qun, who is the deputy secretary of the Community Party of China in the city.

The fund has its eyes on promoting and funding the use of blockchain technologies in cross-border platforms, content distribution, healthcare, energy, the transfer and ownership of intellectual property, and environmental protection. 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.

It was revealed that the first beneficiaries of the substantial amount of funds will be the UDAP Foundation, which is planning to connect real-world items and crypto assets, and the community surrounding the TokenX platform.

Commenting on the development of blockchain adoption, Yuandao, the chairman of the Zhongguancun Blockchain Industry Alliance, stated that the use of these technologies is like a snowball effect, with adoption resulting in even more innovative technological breakthroughs.

This fund is one of many others creating over the past months in an attempt to spark a “blockchain revolution” in one of the world’s largest economies.

Huobi, a popular Asian exchange, recently launched a similar program in a small Chinese province and teamed up with a local technology firm to create a so-called “Global Cultural and Creative Blockchain Lab,” focused on local blockchain firms and startups.

China Still Adverse to Cryptos, Despite Positive Blockchain Sentiment 

As reported by NewsBTC in late May, Xi Jinping, the president of the Chinese government, personally endorsed blockchain technologies in a speech given at a meeting with the Chinese Academy of Sciences and Engineering. The Chinese president noted that blockchain technology has been accelerating the rate of “breakthrough applications,” indicating that he sees the use of this variety of technology in traditional systems.

Despite seeming to be falling head over heels with blockchain, Chinese regulators still seem to be adverse to cryptocurrencies, with the Central Bank of China recently calling the country’s ban on cryptocurrency trading a resounding success. According to data cited by Chinese regulators, the Chinese Renminbi (Yuan) now accounts for less than 1% of all fiat-crypto transactions, with this figure being a far cry from pre-ban levels.

It is currently unclear whether China will open their arms to cryptocurrencies ever again, but it seems that the country’s love for all-things blockchain won’t be ceasing anytime soon.

Featured image from Shutterstock.
Tags: blockchainblockchain newsblockchain technologychinaChina blockchainchina newshuobiNanjingNewsregulationtechnologyXi Jinping
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Contested Election Results Force Discussion of Blockchain Based Voting System

Contested Election Results Force Discussion of Blockchain Based Voting System

3 months ago
jax network

Jax.Network Addresses Crypto Scalability Issues, to Create A Decentralized Consumer Payment System

4 months ago
crypto tether usdt stablecoin

No, Another $1 Billion In Tether (USDT) Wasn’t Added To The Crypto Market Cap

4 months ago
crypto

South Korean Crypto Platform ICON Launches Decentralized Passport Service

2 years ago
Swiss Luxury Hotel Accepts Bitcoin Showing Increase in Adoption, CEO Explains Motive

Swiss Luxury Hotel Accepts Bitcoin Showing Increase in Adoption, CEO Explains Motive

2 years ago
Jack Dorsey Unveils Square Crypto, How Will It Help Bitcoin?

Jack Dorsey Unveils Square Crypto, How Will It Help Bitcoin?

2 years ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

FINDORA Research Foundation Grants 2 Million to LZMicro

January 28, 2021

FEB Inc. Announces a New Service, Cost-Effective PR Media Packages for East Asian Markets

January 27, 2021

Hodlnaut Partners with Crowe Singapore to Perform Independent Verification of US$106 Million of CryptoAssets

January 27, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.