Houbi Co-Founder, Others Form China Bitcoin Development Foundation

Du Jun, co-founder of prominent China-based bitcoin exchange Huobi, has with other China bitcoin industry stalwarts formed the Bitcoin Development Foundation in China.

The foundation, the first virtual currency non-profit foundation in China, was launched to promote the currency, improve the image of Bitcoin in Chinese people’s minds, and create a good business environment.

China’s new Bitcoin Development Foundation is more or less modeled on the US-based global Bitcoin Foundation. The international non-governmental organization was in the news recently as its executive director Jon Matonis resigned and was replaced by general counsel Patrick Murck. Earlier in the year, the Bitcoin Foundation lost its vice chairman, Charlie Shrem, after he was arrested for money laundering through BitInstant. Another board member, Mark Karpelès, resigned in February after his Tokyo-based bitcoin exchange Mt. Gox collapsed in bankruptcy.

The major functions of the international Bitcoin Foundation include providing funding for the development and promotion of bitcoin infrastructure. The Bitcoin Foundation supports the upgrading of the bitcoin core protocol to conform to standard commercial applications and works to counter the negative press of the currency. The international organization is now in many parts of the world and plans to set up 18 branches by the end of this year. It has not established a branch in China, but its Chinese counterpart might serve that role.

According to news reports and online forum postings in China, Bitcoin Development Foundation’s board of supervisors includes the following luminaries:-

  • Xu Zijing, Bitcoin Blogger
  • Xiong Yue, Tongtian Translations founder
  • Su Qi, Bitcoin Technology founder
  • Huang Jian, Jisu Capital founder
  • Du Jun, Huobi co-founder

China’s Bitcoin Development Foundation will have two membership types, individual and organization. The base fees for individual membership base fee of 100 yuan per year. Base orporate fees are 2000 yuan per year.

In addition, the corporate memberships are divided into these types and corresponding fees in US Dollars.

  • Platinum membership of $100,000
  • Gold membership $25,000
  • 3 Silver Memberships of $5,000, $2,500 and $1,000

Individual class members are divided into these types and fees.

  • Lifetime Membership $250
  • Individual Member $25

There are two annexes to the announcement of the foundation’s formation.

Annex 1 – Bitcoin Development Foundation

Why do we create this charity foundation?

1, China’s bitcoin industry is still in the early days, and bitcoin related companies need support.
2, China’s bitcoin community lacks cohesion and needs for more people to participate in community building;
3, China’s bitcoin community has been absent in the mainstream media, and receives a lot of negative news and reviews in the media;
4, There is virtually no communication between China’s bitcoin community and other agencies. There is a need to strengthen communication and government-related companies and associations;
5. There is a lack of communication between China’s bitcoin community and communities in other parts of the world. There is a need to introduce Chinese bitcoin industry development, while learning the experience of others.

What are the functions of the Foundation?

1. Industry Report
Regularly publish bitcoin industry survey report summarizing development of the industry and future prospects;

2. Guide Public Opinion.
Make voices heard of the Bitcoin community to counteract negativity in the mainstream media

3. Official communication
Promote communication etween government agencies, business organizations and other industry associations on regular basis, foster positive image of the industry and offer recommendations on related policies and regulations;

4. International Exchange
The representation of China’s Bitcoin community at international conferences, present development status of China Bitcoin community and discuss future of Bitcoin industry;

5. Promotion of Bitcoin
Including educational materials production, advertising, promotion on campus, online and offline campaigns.

How does the foundation work?

The Council sets up public funds, no president of the Council. The Council is the highest decision-making body of the public funds. Council is composed of 5-15 directors. Members are elected for a term of 12 months.

The first directors nominated by the sponsors, major donors, and organizations; other members from the first group of public funds based on contributions to participate in the selection of the first members of the Council.

The foundation sets up a board of supervisors the power to remove members of the Board.

Members must complete the relevant Foundation tasks regularly. Foundation to accept the assessment, examine results from the members of the Council promoted an important reference.

Foundation charity project to raise funds on demand.

How much? Now the key question here …… how much to pay?

Contributions for the annual fee system, in accordance with corporate and individual contributions are to be paid in two forms. In which an individual basis dues for 100 yuan per year; enterprise infrastructure contributions 2000 yuan per year. Foundation accepts RMB and welcomes Bitcoin equivalent payments. Members that fail to pay fees shall have membership canceled.

Community Foundation account.

Paypal address: 13189735887
Bitcoin Address: 1startoRe4mG3F3sRxngKAY1QG8gLRxUV (calculated according to the spot exchange rate)

After the payment of contributions into the Fund, payment vouchers preparation group: 392,452,922

Annex 2 – Bitcoin Development Foundation charter [draft]

Writes for Asia Tech Media Limited's publications, and Experienced blogger and freelance IT/business writer for Chinese and English magazines and newspapers. Studied journalism at Indiana University Bloomington.
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