A government-led investment association in China is reportedly establishing a funding center to foster blockchain development in the country.

The initiative, dubbed the Global Blockchain Investment and Development Center (GBIDC), is said to be led by the Investment Association of China (IAC), a social organization that facilitates major domestic investment projects and has attracted foreign capital, according news outlet The Paper.

The news first emerged when a document was circulated over the internet, which appeared to be issued by the IAC regarding the new entity.

Since then, Liu Ren, vice chairman of the IAC, has confirmed the document’s authenticity to The Paper, explaining that the effort came about after the association noted the growing popularity of blockchain. As a result, the association made the decision to provide funding and shape standards for the industry, he added.

However, whether the funding sources will be sought from the state or private sectors remains unknown so far.

The new funding center, which will be set up under the IAC’s Foreign Investment Committee, will seek future collaborations with overseas blockchain projects and will invest in high quality domestic initiatives. The scope of the GBIDC will also include providing consulting services to institutions that are interested in investing in blockchain initiatives.

Founded in 2001, the IAC reports directly to China’s National Development and Reform Commission, the major government agency in charge of economic and investment reform in the country.

The GBIDC initiative comes as China is seeing a growing number of government-led efforts to develop the domestic blockchain industry.

Just this week, the Ministry of Industry and Information Technology of China announced that it will launch a committee to develop national standards for blockchain technology.

Chinese yuan image via Shutterstock