China to give up on blockchain funding center due to regulatory concerns
The Investment Association of China (IAC), a social government organization dedicated to large investment projects, has abandoned plans to open a financial center designed to accelerate the development of blockchain projects in the country.
On Tuesday, the IAC released a statement explaining that the administrative structure of the new initiative may conflict with the rules of the Chinese Ministry of Civil Affairs..
The statement also said that the IAC, according to the ministry’s rules, cannot create new subsidiaries under the existing subcommittee. However, the IAC did not clarify whether this initiative could be implemented through some alternative structure..
IAC announced an initiative called the Global Blockchain Investment and Development Center in March; it was to be supervised by the Foreign Investment Committee.
It was planned that this center would provide the necessary funding for blockchain projects – IAC noticed the growing popularity of this direction in China and saw great potential in it. In addition, IAC representatives stated that the center will provide consulting services for institutions interested in funding blockchain initiatives..
The IAC was founded in 2011 and reports directly to the National Reform and Development Commission of China, a large government agency responsible for economic and investment reform in the country..
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