The National People’s Congress of China has proposed a government-backed blockchain development fund to support the growth and development of the nation’s blockchain ecosystem.
According to a local news report, Jieqing Tan, deputy to the NPC suggested establishing a special fund to assist in the development of the blockchain industry. If the proposal is accepted, the fund would be led by the Chinese government.
Blockchain development fund
China’s NPC is the country’s top legislative body with nearly 3,000 delegates from around the nation. The delegates meet once a year to submit their proposals during the meetings. As per a report by Beijing News, Jieqing Yan has suggested the establishment of a blockchain development fund to assist in the industry’s growth.
The objective of the fund is to support the growth of numerous blockchain enterprises with promising potentials as well as increase blockchain innovation in the region. The fund would also be utilized to cultivate a number of unicorn enterprises across the blockchain ecosystem.
Tan believes that by supporting the growth of the blockchain industry, the country will “modernize” its governance system. Blockchain technology would not drive China towards smart governance but it will also assist the nation to gain a lead globally in the future development of blockchain technology.
He noted that a national blockchain industry development plan should have clear outlines. He elucidated that the national blockchain development strategy should be well-coordinated with aspects to three main factors. The factors were the “bottom technology standard, middle industry application development” and the “top-level system design.”
The economic potential of blockchain technology is huge, however, Tan pointed out that scalability issues and lack of talent and information are the main issues that prevent the blockchain ecosystem from developing.