Guangzhou authorities will allocate one billion yuan to finance blockchain projects

The government of the Chinese city of Guangzhou announced the allocation of 1 billion yuan (about $ 142 million) to subsidize blockchain projects, said Dovi Wang, managing partner of Primitive Ventures, citing local media.

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Local Guangzhou gov just announced a 10B RMB (~ $ 150M USD) government funding dedicated in "blockchain subsidy" for "outstanding blockchain projects"

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I believe all other local govs will follow, overall capital subsidy can be massive

– Dovey 以德服人 Wan ? ? (@DoveyWan) October 30, 2019

Funds can be received by projects either working on a government blockchain network that the authorities have identified as a “public chain without a token”, or on industry blockchains for the city. The authorities intend to help them in the amount of up to 50% of the investments received.

Blockchain developers for the city government will be able to count on the maximum subsidy of 10 million yuan ($ 1.4 million).

Each year, 1-3 major projects will be determined, which will receive special attention from the city government.

In addition, the Guangzhou government intends to send part of the allocated money to train specialists in the field of blockchain technology in local and foreign universities.

At the end of last week, President Xi Jinping announced the need to accelerate the implementation of the blockchain in the country. The stock market responded with a sharp increase in shares of local industry companies in anticipation of an influx of investment.

Davy Wang believes that the example of the Guangzhou authorities to finance the blockchain industry can indeed become widespread in the country.

Recall, the leading newspaper of the Communist Party of China, People's Daily, said that the approval by the Beijing authorities of blockchain technology does not mean the recognition of cryptocurrencies in the country.

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