Guangzhou to Invest ¥1 Billion in Blockchain Subsidy Fund

By Ryan Gandolfo, November 6, 2019

0 0

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]

more news

Man in Guangzhou Refuses COVID Test, Attacks Police with a Fork

The man refused to open his hotel door for more than one hour.

Virtually Everyone in Guangzhou Has Been Tested for COVID-19

So far, more than 16 million people in the provincial capital of Guangdong have been tested for COVID-19.

Latest Updates on Guangzhou's COVID-19 Outbreak

On Thursday, Guangzhou health authorities reported six new locally transmitted confirmed COVID-19 cases.

Latest Updates on Guangzhou's COVID-19 Outbreak

The drop in cases on Thursday is hopefully the start of a trend back to normalcy in the provincial capital.

​Guangzhou Records 15 New Local COVID-19 Cases

All confirmed and asymptomatic cases were detected in Guangzhou’s Liwan district.

That's Guangzhou Calling for Summer Editorial Interns

Fancy getting hands-on editorial and writing experience with an English-language media company internship?

Guangzhou Announces 2 New High-Risk COVID-19 Areas

On Wednesday, Guangdong province reported 10 confirmed COVID-19 cases - seven in Guangzhou and three in Foshan.

0 User Comments

In Case You Missed It…

We're on WeChat!

Scan our QR Code at right or follow us at ThatsGuangzhou for events, guides, giveaways and much more!

7 Days in Guangzhou With thatsmags.com

Weekly updates to your email inbox every Wednesday

Subscribe

Download previous issues

Never miss an issue of That's !

Visit the archives