China’s Congress Seeks to Create Blockchain Development Fund

NPC in China wants the government to create blockchain development fund so that they can regulate crypto more effectively.

Three most important political entities in China which are National People’s Congress, Chinese People’s Political Consultative Conference and China’s Parliament have been having their annual meetings since May 22.

The NPC is the most revered legislative body in China. At the meeting, about 3,000 people selected from different states come to represent the interest of the people and also submit proposals which they believe can take the country forward. On May 23, Beijing News reported that Jieqing Tan, the second in command in NPC, proposed the creation of a blockchain development fund which will be controlled by the government.

The reason this is important is that it will help blockchain companies to grow strong especially those that are incapacitacointel

ted by lack of funds.

Blockchain will bring better governance

Tan also believes that the country’s governance will improve when they start developing the blockchain industry.

Apart from having good governance, Tan wants China to make the move now so that in the future, they will be more capable of taking the leadership position among other countries.

Tan wants a blockchain industry that the government can account for. He said:

“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.”

Present challenges and supportive programs 

A government-regulated blockchain industry can result to more employment opportunities and an improved economy. Tan believes that the blockchain industry is capable of improving by itself but this may not be possible at the moment without the government’s intervention.

Tan’s novel suggestions do not indicate a sudden interest in blockchain in China. Before the meeting started, China already approved $4.7 million to support blockchain trades from now till 2023. In Beijing, tax payment by blockchain business owners is transparent so more people can know what the government may be expected to do with funds realized in the sector.

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