China’s congress official proposes a blockchain development fund

• China’s National People’s Congress (NPC) deputy has proposed a state-backed blockchain development fund.
• The fund aims to support the growth and development of promising blockchain organizations.
• China will be able to protect its sovereignty and national security better with the help of blockchain, says NPC official.

Jieqing Tan, a deputy to the National People’s Congress (NPC) of China, has proposed the creation of a fund dedicated to the development of the blockchain industry, according to a local report. The proposal was submitted during the NPC’s annual “Two Sessions”, also referred to as “langhui meetings.”

The fund aims to support the growth and development of promising blockchain organizations. Additionally, it seeks to encourage blockchain technology innovation and cultivate unique enterprises in the blockchain space, says Tan. He believes that supporting the blockchain industry will “modernize” China’s governance system. According to Tan, China will be able to better protect its sovereignty and national security with the help of blockchain. 

Tan said that China has to come up with a clear blockchain industry development plan.

From the bottom technology standard, middle industry application development to the top-level system design, the national blockchain technology, industry and supervision three-dimensional strategic planning system should be well coordinated.

Tan added that some problems are preventing the growth of the blockchain ecosystem in China. These include the limited number of blockchain enterprises, lack of talent and information.