Investment Association of China (IAC) – social the government body responsible for large investment projects – refused to plan for the opening of financial center is intended to accelerate the development of blockchain projects in the country.

On Tuesday, IAC issued a statement which explained that the administrative structure of the new initiatives may be contrary to the rules of the Ministry of civil Affairs of China.

The statement also says that IAC, according to the rules of the Ministry, can’t create new subsidiary under the existing Subcommittee. However, IAC did not specify whether this initiative to be realized by some alternative structure.

IAC has announced an initiative called the Global center for investment and development of the blockchain in March; the supervision was to carry out the foreign investment Committee.

It was planned that this centre will provide the necessary funding for blockchain projects – IAC noticed the growing popularity of this field in China and saw great potential in it. In addition, representatives of IAC stated that the centre will provide consulting services to institutions interested in financing the blockchain initiatives.

IAC was founded in 2011 and reports directly to the National Commission for reform and development of China – major state Agency that is responsible for economic and investment reform in the country.