China Congress Proposes Blockchain Development Fund


The National People’s Congress, the Chinese Parliament and the Chinese People’s Political Consultative Conference, the most powerful political advisory body in the country, have recently begun their annual sessions. These are widely known as the „Two Sessions“ or „lianghui“ meetings. These meetings have been in progress since May 22.

The National People’s Congress, or NPC, is China’s main legislative body. About 3,000 delegates from all over the country meet once a year to present proposals during the meetings. According to the Beijing News report of May 23, Jieqing Tan, a deputy of the NPC, suggested creating a special fund for the development of the Bitcoin Billionaire / Bitcoin Era / The News Spy / Bitcoin Revolution / Bitcoin Circuit / Immediate Edge / Bitcoin Profit / Bitcoin Trader / Bitcoin Evolution / Bitcoin Code industry. If accepted, this fund would be run by the government.

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The fund’s goal is to support the development and growth of a number of promising blockchain companies, encourage blockchain technological innovation and cultivate a number of unicorn companies in the blockchain space, Tan says.

Smart government through blockchain
By supporting the development of the blockchain industry, Tan believes he will „modernize“ the country’s governance system.

Blockchain technology will not only be a great tool to push China towards smart governance and a high-confidence society, but it can also help China gain a global advantage in the future development of technology, according to Tan. He believes that by taking this lead in technological innovation, China will be better able to protect its sovereignty and national security.

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Tan suggested that a clear national plan be defined for the development of the blockchain industry. He explained that:

„From lower technology standard, medium industry application development to higher level system design, national blockchain technology, industry and three-dimensional strategic planning system monitoring must be well coordinated.“

Current challenges and initiatives
The new economic potential and new job opportunities arising from block chain technology is enormous. However, Tan pointed out that at present the limited number of blockchain companies, their scalability and the lack of talent and information have been the main problems that have prevented the blockchain ecosystem from developing a well established ecosystem.

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As Cointelegraph reported earlier, China’s central bank also secured $4.7 million in funds for its blockchain trading platform over the next three years. The Beijing tax office announced its blockchain billing pilot application for future greener, more convenient and transparent governance.