China launches Blockchain research lab

China forms government-backed blockchain lab amidst crypto crackdown
21 September 2017   1130

It’s been quite a tough time for the cryptocurrency community due to the whole China-against-Bitcoin thing, as a result of which the top cryptocurrency price has fallen. On top of that, according to undisclosed sources, the Chinese government has officially decided to crack down on all Bitcoin and cryptocurrency trading, not just commercial exchanges. However, this was not the end of the restrictions. Beijing News reported that executives of Chinese Bitcoin trading platforms may not leave the country, per industry insiders. 

Now China launches a research lab with the goal of promoting advances in blockchain technology that do not involve ICOs or cryptocurrency trading, as reported by ethnews.com. Thus, China’s Ministry of Industry and Information Technology has launched the Trusted Blockchain Open Lab to foster developments in the blockchain space.

As reported, lhe lab is operated as part of the China Academy of Information and Communications Technology (CAICT), a research institution within the Ministry. According to the China Economic Review, the CAICT is also building a platform on which blockchain firms and other experts can cooperate in exploring different applications of the technology.

The creation of the lab suggests that the government sees no conflict between the recent crackdown on ICOs and cryptocurrency trading and the exploration of blockchain technology.

The ban should not prevent relevant financial technology companies, industry bodies and other technology firms from continuing their research into blockchain technology.
 

Sun Guofeng
Director of the Institute of Finance of the PBoC

The man also argues that financial technology firms stand to benefit from exploring a wide range of blockchain applications aside from cryptocurrency, but that the degree of abuse and criminal activity in the field makes enhanced government supervision necessary.

South Korea to Invest $1B in Blockchain Startups

Blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution, local authorities believe
19 February 2019   103

Until 2022, Seoul authorities are investing 1.2 trillion South Korean won ($ 1.07 billion) in fintech startups working with distributed ledger technology. This is reported by CoinDesk.

Funds will be allocated for the development of new technologies through the Seoul Innovation Growth Fund, created last year by local authorities. The foundation will support startups working on various solutions, including those that are in the early stages.

In the first half of this year, the Fund will allocate 13.25 billion won ($ 11.75 million) and 8.4 billion won ($ 7.45 million) in the second half of 2019. For the Korean authorities, the blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution.

The officials also noted that the average investment per start-up at an early stage of development in South Korea is almost seven times lower than, for example, in Silicon Valley.

Last fall, Seoul authorities submitted a five-year development plan for the blockchain industry.