Beijing’s Big Push for Startups Should ‘Foster an Ideal Environment’ for the Bitcoin Industry

In light of Alibaba’s success story, the chief administrative authority of the People’s Republic of China, the State Council, is looking to boost entrepreneurship and attract venture capital funds to lift Chinese startups.

On March 11, the State Council issued a call for ministries and local governments to support innovation and startups, and “encourage the general public to start their own businesses.”

According to the release:

“Hundreds of thousands of people's passion for innovation should be encouraged to build the new engine for economic development.”

The government, which is particularly targeting technology experts and university students, wants to stimulate entrepreneurship by offering resources to help get young companies and projects off the ground.

Additionally, the leadership will focus on finding ways to attract venture capital funds and encourage angel investors to bet on Chinese startups’ potential for future growth.

While the Chinese government is putting innovation and startups as its top priority, the Bitcoin ecosystem is burgeoning and has attracted more than US$667 million in venture capital and angel investments since the advent of the Bitcoin protocol in 2009.

According to Robert Kuhne, Analyst at Huobi Tianxia Internet Technology Company, owner and operator of the Chinese digital currency trading platform Huobi, the recent news of the State Council should significantly boost the local Bitcoin ecosystem.

Kuhne told Cointelegraph:

“The Chinese government's attitude toward innovation and entrepreneurship in general is quite good, and this does indeed help foster an ideal environment for the development of th