New Bitcoin Development Foundation Arises In China

A new organization has emerged to better serve the combined interest of Asia’s growing number of Bitcoin and digital currency enthusiasts. The new 比特币发展基金会, or Bitcoin Development Foundation, is loosely based on the global Bitcoin Foundation and will serve as China’s non-profit Bitcoin education source. The big names, such as Huobi, behind the China Bitcoin Development Foundation, will go a long way in increasing Bitcoin’s legitimacy to the government and to the general populace in the world’s most populated country.

The five founders of the Bitcoin Development Foundation and the current board of supervisors are blogger Xu Zijing, Tongtian Translations’ founder Xiong Yue, Bitcoin Technology founder Su Qi, Jisu Capital founder Huang Jian, and Bitcoin exchange Huobi co-founder Du Jun.

The Bitcoin Development Foundation’s 5 stated goals are to:

1. Report on the Industry

2. Guide for Public Opinion

3. Communicate With Government Agencies, Business Organizations, and other Industry Associations

4. Represent China’s Bitcoin Community at International conferences

5. Promote Bitcoin on campuses, and both online and offline

How Is the Bitcoin Development Foundation Structured

The Bitcoin Development Foundation will be led by “The Council” which consists of 5-15 directors who are elected for a single year term at a time. The board of supervisors has the power to remove members of the Council board should they fail to complete relevant Foundation tasks regularly. Annual dues are 100 Yuan a year for individuals and 2000 Yuan a year for corporations. In addition, the Bitcoin Development Foundation has several tiers of Sponsorship. Their Foundation Charter can be found here (in Chinese).

Images from Shutterstock.

Jonas Borchgrevink edited this article for If you see a breach of our Code of Ethics or find a factual, spelling, or grammar error, please contact us.

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Caleb Chen

Caleb Chen

Caleb is a graduate of the University of Virginia where he studied Economics, East Asian Studies, and Mathematics. He is currently pursuing his MSc in Digital Currency at the University of Nicosia.

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