Guangzhou administration will allocate $ 140 million to support blockchain projects

The authorities of the Chinese city of Guangzhou will allocate 1 billion yuan (or about $ 142 million) to subsidize a blockchain initiative development fund.

To support the local administration will be ableCount only projects that are directly related to the federal blockchain or are public networks without cryptocurrencies. The maximum subsidy for one state project is limited to 10 million yuan ($ 1.42 million), and for the federal 3 million.

In addition, 20 companies serving blockchain networks will be selected annually, which will also be able to receive subsidies. However, most of the fund will go to educational programs at universities.

In parallel, the Guangzhou authorities plan to organize a state blockchain innovation and entrepreneurship competition with a total fund of 10 million yuan.

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

The organization of these development funds was stimulated by the words of Chinese President Xi Jinping, who called for accelerating the introduction of blockchain as an innovation base.

In the process of actively integrating distributed registry technologies, the Celestial Parliament also passed a law on the regulation of cryptocurrencies last week.