Chinese City To Offer Rent Subsidies And Cash Rewards To Blockchain Businesses

by | Jun 12, 2019 | Blockchain, Cryptocurrency, Cryptocurrency News

china | Blockchain| Reward | Subsidies

Fuzhou, China offers rent subsidies for blockchain businesses in order to accelerate the industry’s growth, as reported by the state-run People’s Daily on June 11. 

As per the publishing, traditional companies are being encouraged to build blockchain applications, wherein they will be eligible to receive a 20% subsidy on the cost of their development. The projects that will win awards for scientific and technological progress, or deliver transformation in Fuzhou can earn rewards via a payment of up to 600,000 yuan.

The firms who will Industrial blockchain platforms such as technology labs or research centers could garner two million yuan ($289,000) if they are recognized by Chinese authorities and if they contribute to high-level meetings at “international, national and provincial levels,” they can earn as much as one million yuan ($144,500).

Blockchain adoption in China has been on the rise with some of China’s biggest companies embracing the technology. Last month, e-commerce giant JD.com applied for more than 200 blockchain patents.  

China’s latest government-sponsored cryptocurrency rankings were also released the last month and EOS retained its top spot and bitcoin moving up three positions to 12th place.

Read more: Bitcoin Price Analysis – BTCUSD Faces Resistance At $8,000

Image source – Stock Photo Secrets

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