The Chinese city of Guangzhou is looking to provide to blockchain projects. It’s focusing specifically on public blockchain projects that don’t have an associated cryptocurrency token.
According to a document published by the region, they will contribute to two projects a year. Any public project without a partnered asset will be able to receive $1.4 million or 10 million yuan. However, a consortium-based project such as Facebook’s Libra would instead receive around $425,000 or 3 million yuan. This is otherwise noted as 50% of the amount that’s required for “research and development.”
This news was discovered by Dovey Wan, the co-founder of Primitive Ventures, and broken via Twitter:
the subsidy level is
public chain (without token) up to $1.5M, federated chain up to $500k, 20 blockchain service companies each up to a few hundred k, dapp dedicated in public service each up to 1.5M, and there will be tons of money for local universities' training
— Dovey "Rug the fiat" Wan (hiring) (@DoveyWan) October 30, 2019
Granting development of blockchain technology
On top of this, the page notes that the city government will pick 20 service companies utilizing blockchain to give grants to as well. That and there will be money put into educational programs at universities that are related to blockchain.
Of course, this news comes to us shortly after the Chinese President, Xi Jinping, came out as a fan of blockchain and promoted its valuable use cases. Now, the country is planning to go all-in on the technology after he urged companies to do whatever they can to adopt it.
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