To Support Growth of Crypto Space, Chinese City Offers Rent Subsidies for Blockchain Companies

    As blockchain technology grows, the rest of the world is starting to see how useful it can be. While there are quite a few countries that consider themselves to be the home of this technology, China is offering subsidies on rent costs to entice blockchain companies to make a place within their borders. Will it work?

    • Blockchain companies in China are receiving rent subsidies to promote more business in the county.
    • Incentives and potential subsidies go up to 2 million yuan, depending on the impact of these blockchain projects.

    The blockchain industry is a growing market, and there are many regions that are hoping to become a big part of the revenue it comes with. Fuzhou, a city in China, has decided to provide rent support for blockchain businesses, hoping to bring more of these companies into their economy, according to reports from People’s Daily. This incentive program is just one of three measures that are meant to help the blockchain sector to expand.

    With this incentive, blockchain companies will be able to receive up to 600,000 yuan ($86,800) in relief for the rent that they have to pay yearly, though these companies receive the allotment for the next three years.

    If traditional companies get involved with creating blockchain applications, they will be eligible for a 20% subsidy as well, based on their developmental costs. Any project that ends up winning awards for their progress in science and technology could even see a 600,000-yuan payment as well.

    Companies that end up creating technology labs and research centers could even end up seeing 2 million yuan, if they end up being recognized by the local authorities. If these companies ultimately contributed to high-level “international, national, and provincial” meetings, they could see 1 million yuan.

    There are already companies in China that have begun to appreciate the technology involved with blockchain. In fact, e-commerce giant has already applied for over 200 patents related to blockchain by May 21st this year. Within two days, reports arose that Alibaba was also considering the integration of this fintech with their intellectual property system.

    Last month, China released a list of cryptocurrency rankings, entirely sponsored by the government. In the rankings, EOS was placed at the top spot, while Bitcoin was at place #12.

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    Krystle M
    Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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