March 4, 2024

Chinese MP proposes creating national blockchain development fund

Chinese MP proposes creating national blockchain development fund

Deputy of the National People's Congress of China Tang Jieching recommended the creation of a national blockchain development fund, which will besupported by the authorities. 

In his opinion, this technology has a huge economic potential and canHowever, at present, the number of organizations working in this area is small, so the deputyTo this end, he proposed the creation of a separate fund that would help "growunicorn companies."

Tang Jieching also recommended including blockchain in the industrial development program of the next five-year plan and developing unified technical standards, industrial applications, and top-level design systems. MP believes that the distributed ledger will helpModernize the management system.

The government began to actively support blockchain after Xi Jinping noted the importance of this technology for the development of the Chinese economy in May 2018.

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