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