Guangzhou Province Spends $141 Million to Expand Blockchain Projects
The Guangzhou province of China has allocated $141 million in an effort to expand blockchain initiatives in the region.
The government of Guangzhou will spend 1 billion yuan ($141 million) to fund two blockchain projects per year, according to a recent tweet sent by crypto investing holding firm Primitive Ventures’ founding partner, Dovey Wan.
“The plan is to selectively sponsor two projects every year, either public chain or federated chain projects,” said Wan.
The announcement defines a public chain as a “public chain without token,” which left Wan voicing doubts to whether such a public chain exists.
According to Beijing-based media outlet Caijing, public chain projects will receive 10 million yuan ($1.4 million), and federal initiatives will be capped at 3 million yuan ($420,000).
Additionally, 20 blockchain firms will be selected annually for granting.
Caijing reports a significant amount will go towards blockchain-related education at local universities.
The government-backed projects will spend an additional 10 million yuan ($1.4 million) for a blockchain entrepreneurship contest across all of China.
“This is huge for talent attraction and retention,” stated Wan.
“All other governments will follow and compete.”
On Oct. 25, Chinese President Xi Jinping directed the nation to accelerate the adoption of blockchain technology.
A recent study conducted by the China Electronic Information Industry Development (CCID) revealed that there are over 700 blockchain startups within China.
Blockchain-related searches on WeChat have skyrocketed by millions in just the last week.
On Oct. 29, Abacus News reported on a new blockchain-based app enabling political data records by the members of China’s Communist Party.