Shenzhen-based asset management firm Penghua Fund filed an application named Penghua Shenzhen Stocks Blockchain ETF to the financial watchdog of China CSRC, which was accepted on 24 December. The proposed ETF aims to track Shenzhen-listed public stocks that have businesses in the blockchain industry.
If accepted, it would be the country’s first blockchain-based ETF.
If the application received the final approval from the China Securities Regulatory Commission, it would become the first-ever blockchain-themed ETF in the country. It will be open to public investors like all other stocks. Shenzhen Stock Exchange also recently launched a Blockchain Index that comprises of 50 stocks listed on the exchange that is based on the blockchain technology.
China continues to push for blockchain adoption.
China has been at the forefront when it comes to promote and adopt blockchain technology. Earlier, Chinese President XI Jinping endorsed the technology and asked the country to seize the moment. China has been investing a lot in the future of blockchain and is probably leading if compared with other countries. However, China has been hostile against the use of decentralized cryptocurrencies. Recently the government issued a warning to businesses from indulging in cryptocurrency activities.