The city of Nanjing, the capital of China’s Jiangsu province, has launched a 10 billion yuan, or $1.48 billion, blockchain investment fund.

The announcement by the city and the Zhongguancun Blockchain Industry Alliance, a Beijing-based alliance of blockchain companies and government research institutes, was made during a summit attended by, among others, the deputy secretary of the Communist Party of China in Nanjing and other government officials, according to ZDNet.

The fund will be used for developing blockchain technologies in cross-border platforms, content, health care, energy, intellectual property and environmental protection, ZDNet added.

Back in May, at a different conference, President Xi Jinping hailed blockchain technology as a breakthrough. Banks and retailers in China are banned from accepting cryptocurrencies, but the government of China seems to love the underlying techology. The nation took out the most blockchain patents in the world in 2017. Read more here.

ThirtyK Staff
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