While a bitcoin ETF may never see the light of day, China is exploring a completely different model. The application for the first-ever blockchain ETF has been accepted by the CSRC last week.
It is a well-known fact that China is going all-in on blockchain over the next few years.
A Blockchain ETF is in the Works
If and how that will affect cryptocurrencies, remains to be determined.
What is remarkable is the acceptance of the country’s first blockchain ETF.
Filed by asset management company Penghua Fund, this new “vehicle” is rather intriguing.
It is very different from a bitcoin ETF, as this does not deal with crypto assets in any way
Instead, the blockchain ETF will track all blockchain firms with public listings throughout Shenzhen.
It will be an investment vehicle accessible to the general public without restrictions.
The main objective is to provide investors with new ways to be exposed to blockchain development.
While the proposal has been accepted, it has yet to be reviewed and approved.
That process will be overseen by the China Securities Regulatory Commission, or CSRC.
How long the process will take, remains unclear at this time.
This is another example of China’s distributed ledger push.
A blockchain ETF would certainly help accelerate that vision in the years to come.
Image(s): Shutterstock.com
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