The Investment Association of China (IAC) will open the Global Blockchain Investment and Development Center (GBIDC). GBIDC is expected to oversee everything related to blockchain technologists in the country.

GBIDC will develop standards for new blockchain technologies, look for investors for promising startups, cooperate with foreign companies, and help those who want to develop themselves in the blockchain field. According to vice chairman of the IAC, Liu Ren, the reason to create the center is increasing popularity of distributed ledger technology.

GBIDC is currently under development. Experts are studying the latest blockchain techniques and identifying possible prospects of the project.