Nanjing city along with the capital of the province of Jiangsu have agreed to invest 10 billion yua (about $1.5 billion Dollars) for blockchain related projects. The duo country are among the first city in China and the rest of the world to set up such amount of funds for blockchain projects.
Nanjing City once stated this new development at the first Industrial Public Chain Summit (IPCS) where among the high-level government official attendees, there was the Deputy Secretary of the Communist Party of China, Luo Qun.
A key partner to this initiative is Zhngguancun Blockchain Industry Alliance. It’s a government research institute located in Beijing, China.
However, this is coming after Chinese government banned all icos in the country and shut down all bitcoin exchanges operating within the country. Chinese government had a different perception for the cryptocurrency, a situation many got amazed because they have always fight bitcoin.
Chinese government had at the beginning of this year ranked many cryptocurrencies. The ranking saw bitcoin not in the top list, a situation many believed could be as a result of fear of bitcoin being used for money laundering.
However, one Chinese official authority is currently working with the blockchain platform to develop the local token economy and public blockchain projects. This could possibly mean Chinese government is amending ban on cryptocurrency related products. China is the industrial hub of asian continent.
Regardless of Chinese stands in cryptocurrency, China still remains the world leader in blockchain development. It’s pertinent to state China has filled about 230 patents last year by with United States coming up with about 100.
Meanwhile, Nanjing city has been commended for taking the bold step in utilizing blockchain to solve city related problems.