Chinese city introduces rent subsidies and cash rewards to promote blockchain businesses

Chinese city Fuzhou is trying to attract more blockchain businesses and speed up the sector’s development, Cointelegraph writes. The city is going to reward blockchain businesses with yearly rent subsidies of up to 600,000 yuan ($86,800), available for three years.

Traditional companies that decide to develop blockchain applications can apply for subsidies covering one-fifth of their development costs. Those projects that receive awards for scientific and technological progress can get monetary rewards of up to 600,000 yuan.

If industrial blockchain platforms are recognised by Chinese authorities on either national, provincial and municipal level, they can pocket as much as two million yuan ($289,000) for their work. In case of blockchain platforms contributing to “high-level meetings” at international, national and provincial levels, their creators can get up to 1 million yuan.