Guangzhou to launch RMB 1 billion blockchain solutions

The municipal authorities of the Chinese city of Guangzhou have announced that they are allocating about 1 billion yuan to fund promising blockchain technologies that can be applied to management and business. Translated into dollars, the amount is about $ 143 million.

China, as the largest market for cryptocurrencies and blockchain projects, continues to develop this area of the economy. The PRC government previously announced its intention to introduce blockchain technology into the structure of national trade, business, medicine, education, etc.

Guangzhou was one of the first cities to make real attempts to support organizations using blockchain in their work. Thus, the authorities have developed a regulation according to which a fund of 1 billion yuan will be created. From this fund, funds will be allocated to support state-owned companies involved in this area.

The financing scheme is directly related to the work of the deputies. Authorized persons of the city will be able to sponsor no more than 2 projects annually. Therefore, high competition is expected in this area, and deputies will have to carry out a difficult selection of candidates. At the same time, only those structures can participate in the program that implement blockchain in state management systems and are in no way connected with cryptocurrencies.

In addition to direct grants, the Guangzhou government provides funding for training and recruiting skilled professionals. Thus, blockchain technology will be taught at local universities and colleges.