Bitcoin Forum

China has set up a new blockchain innovation fund to invest in blockchain startups. The scale of the fund is up to $1.6 billion, of which the government-guided funds contribute up to 30 percent.

The fund was announced at the opening of the Hangzhou Blockchain Industrial Park in Hangzhou, and will invest in companies being incubated in the park.

The fund is being jointly financed by Hangzhou Yanqi Investment Management Co, the local government and the Future Science and Technology City Administrative Committee. Xu Xiaoping, the founder of venture capital firm, ZhenFund, will act as the fund’s advisor, while

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I am hoping this can be helping in advancing the cause of the blockchain technology as China will never let itself be behind with what is new and innovative. Though we should understand that since we are dealing here with China, we should not expect that soon the stand of the government to ban Bitcoin trading and ICOs will soften but then again I am one of the many who are wishing to be surprised...

Ironic that the Chinese government is willing to invest huge amounts of money into developing blockchain technology when they shut down their biggest exchanges and are trying to stop Bitcoin miners (https://qz.com/1174091/china-wants-an-orderly-exit-from-bitcoin-mining/) from continuing.

I suspect that they oppose the current incarnation of blockchain tech (Bitcoin and other cryptocurrencies) and think that they can create something better for them.  It'll be interesting to see what they come out with and whether it'll be in direct opposition to BTC.

China builds things for themselves. All investors say that. At least on issues related to internet services. I see these mega investments with suspicion. I do not think it's possible that they officially accept and invest in decentralized projects.

But the more money floating in the direction of projects involving Blockchain, the better. Even if it is not directly on universal projects like Bitcoin.

Last time I checked (which was before posting this reply) China's top 2 exchanges which are Huobi and OKex are still currently operational, both of which are in the Top 10 crypto exchanges globally in terms of transaction income. This huge cloud of incorrect information are hiding all the truth away from China, we must know that this country will do whatever it takes to generate more income just to be stronger than other global powers like Russia and U.S. simply banning their exchanges as well as their citizen's mining operation will make them lose a lot of potential income. This news is a proof that China is indeed taking advantage of the blockchain technology and a lot of countries are falling behind from it.

Yeah, just sad to hear that as well. They don't like bitcoin but they love the technology behind it, how pathetic. But I just hope that they will learn a thing or two here that maybe they can adopt cryptocurrency again because they have invested so much in blockchain.

Gonna be interesting as well as other countries is also vying to be a crypto hub and advancing it through promotion of and adoption of blockchain. I guess its gonna still be win win situation after all specially for those Chinese investors. Blockchain technology will be the new revolution in the next 5 to 10 years.

Again contradictory news from China.
One ay they announce funding for project related to blockchain, next day police shuts down their blockchain conference. hard to understand what actually is happening there.