So you’re a cryptonaut looking for a place where you can do all your mining, take care of your digital assets, enjoy life, and also get something of an extra break? There’s good news for you. The city of Fuzhou in China is thinking about you.
The Chinese city wants to accelerate its economic growth, so it’s investing a bit of money in attracting entrepreneurs, according to a note published yesterday by the People’s Diary, which is the state-run newspaper. Particular emphasis is placed on the blockchain industry because the city wants the sector to develop more quickly. Incentives include up to 600.000,00 yuan (USD 86.800,00) in the form of relief for rent bills, yearly for the next three years.
This is not only supposed to attract blockchain companies but also to give already existing (traditional) companies to develop blockchain solutions and applications. If a given project gets an award for scientific or technological progress, the city will reward them with a payment in the local legal tender.
There’s more. If your firm can deliver a platform like a technology lab or a research center locally, then it could get two million yuan (USD 289.000,00) if the Chinese authorities approve and endorse the project. If you can’t reach that level, you could still get half as much if your firm contributes to “high-level meetings at international, national and provincial levels.”
Blockchain is quite a trend among Chinese companies. The e-commerce giant JD.com has filed more than 200 patents dealing with blockchain technology. And that’s not a lot compared to Alibaba which remains the world’s private organization with the most patents for blockchain technologies and solutions.
The Chinese government also sponsors the publishing of a rankings list of the world’s cryptocurrencies. In its appreciation, EOS is the world’s top coin, closely followed by Tron (TRX) at second and with Bitcoin on the 12th place. It’s unclear what are the criteria to determine the rankings, but they’re quite interesting because they give you a different panorama from the usual sources, mainly coinmarketcap which remains something of the world’s standard when it comes to that.
The blockchain industry is already very active in China. Most of the world’s mining hardware is manufactured there, and most of it is also performed within the country. The government has expressed some hostility to Bitcoin in particular, but it’s been amicable when it comes to other blockchain projects and cryptocurrencies.
So now you know. You can get the Chinese government to pay for your rent if you can come up with a good blockchain project that catches the eye of Fuzhou’s government.
The crypto verse is currently in a crossroads. Some of the world’s governments are becoming increasingly friendly while some others are showing open hostility. India, for instance, could be about to ban cryptocurrencies 100% and impose 10-year criminal sentences just for transacting in Bitcoin. So knowing that some new opportunities are arising elsewhere in the world is a breath of fresh air, for sure.
Fuzhou, or Foochow, boasts a population of seven million inhabitants, and it’s the tenth fastest-growing metropolitan area in the world.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.