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. 

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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 and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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