Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
The Chinese International Blockchain Center, whose creation was announced earlier this month, has been abandoned over legislative issues.
The creation of a Chinese āInternational Blockchain Investment Development Centerā announced earlier this month has been cancelled due to the legal technicalities of setting up branch offices, according to a document published on the Investment Association of Chinaās (IAC) website yesterday, March 27.
The document, stamped March 23, writes that social organizations cannot āset up branch offices or representative offices under representative offices of branch offices,ā leading to the IAC withdrawing their request for approval for the Blockchain center.
The development center was supposed to introduce industry standards and BlockchainĀ investment alliances and funds by supporting Chinese Blockchain projects, linking domestic and international resources for Blockchain investment, and leading international forums on the subject.
Earlier this week, the Chinese Ministry of Industry and Information Technology (CMIIT) released a document announcing their support for technological innovation, including Blockchain, and another document about the potential for Blockchain technologies to improve Chinaās industrial sector.
Chinese organizations have recently supported Blockchain in concrete ways: the state-run Bank of China filed a patent in February for a Blockchain scaling solution, and JD.com, Chinaās top retailer, launched a startup incubator for foreign Blockchain projects the same month.
In spite of their support for Blockchain, China has cracked down on cryptocurrencies recently, with the ICO ban in the fall of last year, the January ban of āexchange-like services,ā and theĀ February ban of foreign exchanges.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.