Beijing sets up special fund as part of plan to become a blockchain hub by 2022
June 30, 2020, 12:25PM EDT
1 min read
Beijing aims to become a hub for blockchain innovation over the next two years, integrating the city's economic development with the new technology.
On June 18, the city's municipal government announced a new initiative dubbed the "Beijing Blockchain Innovation Development Action Plan (2020-2022)," in which it declares the capital of China's ambition to become one of the first cities in the nation to be fully integrated with blockchain applications.
Notably, the initiative also mentions that it will set up a special fund to invest in blockchain projects and support these projects to become publicly listed — all as part of a plan to grow Beijing into a blockchain hub.
According to the announcement, Beijing's government also plans to support research and development of blockchains, encourage government agencies and financial services firms to adopt the tech for verifying and sharing data, and foster integrations with the city's infrastructure-building processes and public services.
"By 2022, Beijing will become an influential blockchain technology innovation center, application demonstration center, industrial development center, and innovative talent center, taking the lead in forming the 'Beijing Plan' for blockchain-enabled economic and social development," the announcement stated.
Beijing is one of the few cities in China that has publicly announced plans to become a center for blockchain innovation. The city of Xiong'an, which is being built from the ground up as part of Chinese President Jinping Xi's vision to establish a smart city enabled by the latest technologies, has already integrated the technology in infrastructure construction, financing, and other government initiatives.
Hainan has also long been regarded as one of the most blockchain-friendly provinces in China, attracting exchanges such as Huobi and OKCoin to set up their headquarters there.