Chinese officials from Guangzhou have announced a $140 million fund to subsidize the development of Blockchain initiatives.

According to <a href="http://economy.caijing.com.cn/20191030/4624249.shtml">reports</a>, the local authorities are aiming selectively sponsor two Blockchain projects annually by spending $141 million. Co-founder of Primitive Ventures, Dovey Wan stressed that the government plans to specifically two types of Blockchain projects: federated chain projects and “no-coin” public chains.

Moreover, according to an <a href="http://www.timedg.com/p/20924834.shtml">official document</a> dated Oct. 28, a public blockchain is a trustworthy network that lacks any centralized node, with each node entering and leaving the network freely. However, the document does not elaborate what a public blockchain "without a token" means.  Ideally, a public blockchain is open for all, meaning individuals can own tokens.

Qualified applicants for the subsidies should either run a public blockchain that has over 100 nodes and processes over 10,000 transactions; or run a consortium blockchain that has over 30 nodes having 3,000 transactions.

Notably, the maximum size of a blockchain subsidy for public chain projects will account for 10 million Yuan ($1.4 million). Additionally, federated chain initiatives will account for up to 3 million Yuan ($420,000).

Furthermore, the Guangzhou plans to establish a 1 billion Yuan (~$142 million) fund to invest in blockchain-related firms. 20 blockchain service companies will be chosen each year for funding; while a significant amount of funding will be spent on industry-related educational programs at universities.
<h2>China Advocating For Accelerated Blockchain Adoption</h2>
Ideally, this news has broken amidst Chinese increasing attention on Blockchain technology. Just last week, China’s President Xi Jinping stressed the country to accelerate the adoption of blockchain technology as a key to innovation.

In conclusion, it isn't just<a href="https://www.cryptoknowmics.com/crypto/china-releases-nationwide-blockchain-service-network-bsn/"> blockchain</a> that China has its eyes on. The country is also creating its own central bank digital currency. These crypto efforts have been gained momentum due to the assumed threat from Facebook's Libra project.

Chinese Guangzhou Gov’t to Subsidize Blockchain Initiatives with $140M

Chinese officials from Guangzhou have announced a $140 million fund to subsidize the development of Blockchain initiatives.....%

My first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.

Chinese Guangzhou Gov’t to Subsidize Blockchain Initiatives with $140M

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