In a surprising twist, the Chinese Government has backed out of developing an International Blockchain Investment Development Center which it announced early March. The primary reason cited by the government for halting plans on the Blockchain Center is legal difficulties it faces in setting up branch offices.
A publication was released on the Investment Association of China’s (IAC) website yesterday, titled “China Investment Association’s Foreign Investment Committee International Blockchain Investment Development Center”. It stated that according to the Chinese law,
social organizations cannot set up branch offices under representative offices of branch offices. This compelled the IAS denied their request for Blockchain center.
The published document also states that the new Committee will promote the creation and submission of standards, i.e. participating in the establishment of international standards in Blockchain technology. The Chinese Government is making efforts on creating policies on standardizing the technology sector which includes Blockchain, with an objective to promote information technology software and services industry stable and healthy development. However, this new development might hinder such effort.
Embracing Blockchain in China
Despite this gloomy report, China has been the frontline on the development of new technology and practices on cryptocurrency and blockchain. Last week, reports surfaced that the Peoples Republic of China topped the list of the most application for Blockchain patent to the World Intellectual Property Organization (WIPO) in 2017.
The World Intellectual Property Organization database (WIPO) indicated that more than half of the 406 blockchain patent applications filed last year were from China.
Blockchain-as- a-Service (BaaS)
In a related development, a Chinese-based research institute called Banknote Blockchain Technology Research has unveiled a Blockchain-as- a-Service (BaaS) platform called the Blockchain Registration Open Platform (BROP) for tracking supply chain and customer’s identity.
The new system was officially launched during the Financial Technology Summit held on Monday in Beijing the country’s capital and it provides business-independent interfaces for the credible registration of information, publicity and query verification.