Report: Chinese Guangzhou Gov't Unveils $140M Blockchain Subsidy Fund

The Guangzhou government has announced a $140 million subsidy fund to encourage the development of blockchain initiatives.

Citing a report by Beijing-based media outlet Caijing on Oct. 30, Primitive Ventures' co-founder Dovey Wan emphasized that the government is specifically planning to support two types of blockchain-related projects: federated chain projects and "No-coin" public chains.

According to Caijing, the maximum size of a blockchain subsidy for public chain projects will account for 10 million yuan, while federated chain initiatives will be granted up to 3 million yuan.

20 blockchain service companies will be chosen annually for granting, while a significant amount of funding will be spent on industry-related educational programs at universities, Wan added.

The government also plans to set up a nationwide blockchain innovation and entrepreneurship contest with a total fund of 10 million yuan, according to Caijing.

Wan expressed confidence that the recently announced plans will trigger more local governments to adopt similar blockchain subsidies in the near future.

The news comes amidst the apparently increasing attention of China towards blockchain.

On Oct. 25, China's President Xi Jinping urged the country to accelerate the adoption of blockchain tech as a key direction to innovation.

On Oct. 27, China Electronic Information Industry Development published a study revealing that there are over 700 blockchain enterprises in the country.

On Oct. 28, China saw a surge of blockchain-related searches on WeChat, with the number of related searches skyrocketing millions in just a couple days.