Guangzhou China Allocates $140 Million on the Government’s Blockchain Initiatives

1
247

On October 30, Dovey Wan, a Primitive Ventures’ senior executive, revealed in a tweet that the local authorities in Guangzhou, China, would allot 1 billion yuan to Blockchain-related initiatives.

On the same day, business and finance news outlet Caijing reported that Wan has revealed in an interview the main plan behind the subsidy fund. The Guangzhou government would select two types of Blockchain-based projects every year –”no coin” public chains and federated chain projects. Those that would be selected would receive sponsorship and guidance from the government.

According to Wan, the announcement that used the term “no coin” is quite confusing, since it could mean a public chain without tokens. However, the senior exec admitted that she is not sure if such type exists.

The Caijing report also specified that public chain initiatives can acquire a subsidy of $1.4 million (10 million yuan) while projects in federated chains can get as much as $420,000 (3 million yuan).

Notably, the Guangzhou government would pick from 20 Blockchain companies every year. Aside from empowering Blockchain initiatives, a significant amount of the subsidy fund would be used on educational programs that aim to spread knowledge about the technology. There would also be an entrepreneurship contest wherein Blockchain innovators and participants can earn as much as $1.4 million (10 million yuan).

As emphasized by Wan, the Guangzhou government’s efforts in promoting Blockchain exploration and adoption is in full swing. Soon enough, she is optimistic that other regions in the county would follow suit.

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here