Credit China to invest $30m in BitFury to Expand Blockchain in China

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Leading integrated short-term financing services provider in Eastern China, Credit China Holdings Limited Vice-Chairman and Chief Executive Officer Yew Kiat Phang has recently stated in the Chinese Media that China will work with the Blockchain company BitFury to form a joint venture in China to study how to apply Blockchain technology in the country.

According to the CEO, they will start first to cover the main concepts, and then to move on to implement Blockchain into various markets in China. They must obtain approval from the People’s Bank and other regulatory bodies but they expect that to be cleared over the next year. 

Phang said that the current government has begun to understand the multi-faceted Blockchain technology starting with the People’s Bank in 2014 exploring how to develop the use of electronic money of which blockchain is a key part of the technology.

In 2015, 13 per cent of all payments in China were made by mobile phone achieving over130 billion transactions, an increase of 200 per cent over 2014. The transaction amount reached 100 trillion yuan size with a growth rate of 350 per cent. 

“I am optimistic about the future development,” stated Phang,  who has a Masters degree in Business and Administration in International Business from the University of Bristol and a Bachelor’s degree of Engineering in Microelectronic Systems Engineering from the faculty of Technology of the University of Manchester.

See video interview with Phang here on CNBC. 

BitFury is the leading, fully integrated Bitcoin infrastructure provider and Blockchain transaction processing company with offices in San Francisco and Amsterdam. The company  develops and delivers both the software and the hardware solutions necessary to transfer highly secured applications on private and public blockchains.

About Richard Kastelein

Founder, Publisher and Editor in Chief of Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC, Richard Kastelein is also an advisor with a number Blockchain startups doing ICOs including DECENT.ch, Inchain, Humaniq, Chronobank, eGaas and others.

He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List. As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven etc, where he helped spread the cause for Blockchain technology and crypto-currency and, consequently, has built a notable network inthe scene.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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