Guangzhou to Invest ¥1 Billion in Blockchain Subsidy Fund

By Ryan Gandolfo, November 6, 2019

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Guangzhou recently announced plans to establish a RMB1 billion blockchain fund, with the goal of attracting more investment into the sector to further blockchain technology, according to a report by Caijing.

Guangzhou’s Huangpu district government issued a new set of measures to accelerate the growth of the blockchain industry, which includes sponsoring two blockchain-related projects each year. However, Caijing does note that these measures are still being formulated and are undergoing further research.

According to a tweet by Dovey Wan, a founding partner at Primitive Crypto who cited Caijing’s report, the projects would be split into two categories: federated chain projects and ‘no-coin’ public chains. Public chain projects can receive up to RMB10 million in funding while federated chain initiatives can receive a grant up to RMB3 million.

READ MORE: How China Is Developing Blockchain on Its Own Terms

The local government’s plans also stipulate that 20 blockchain service companies and organizations will be selected each year to receive financial support to help fund their operations, with a maximum grant of RMB100,000. Other incentives will be in place for blockchain companies and organizations that set up nodes (a critical component of blockchain infrastructure) and perform transactions using the technology.  

Last week, President Xi Jinping endorsed the new digital ledger technology, which the Chinese leader views as a “core technology,” according to Xinhua, as cited by Financial Times. China’s commitment to developing blockchain technology has been strongly supported by the central government, which has led local governments to invest more in this technology. In June, People’s Daily launched an online learning platform geared towards teaching people about blockchain. 

READ MORE: How Blockchain Technology in China Is Reshaping These 3 Fields

[Cover image via Pixabay]

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