Crypto News

The Guangzhou administration will allocate $140 million to support the blockchain projects


Authorities in the Chinese city of Guangzhou will allocate 1 billion yuan (or about $142 million) to subsidize development Fund block chain initiatives.

To support the local administration can count only projects that are directly related to Federal bloccano or are public networks without cryptocurrency. The maximum subsidy for a single state project is limited to 10 million yuan ($1.42 million), and Federal 3 million

In addition, each year will be selected 20 companies serving the blockchain network, which will also be able to receive subsidies. However, a large portion of the funds will go to educational programs at universities.

In parallel, authorities in Guangzhou are planning to organize a state competition for innovation and entrepreneurship in the field of blockchain with a total Fund of 10 million yuan.

The administration hopes that these initiatives will encourage the authorities of other cities to introduce similar subsidies in the near future.

The organization of these development funds stimulated the words of Chinese President XI Jinping, who called to speed up the introduction of the blockchain as an innovative base.

In the process of active integration technology of distributed registry last week, the Parliament of China also adopted a law on the regulation of cryptocurrencies.

text: Ivan Malichenko, photo: akspic


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