The crypto press is reporting on several recent initiatives in China to advance the state of it’s blockchain sector and capitalize on efficiencies to government and business operations the new tech may allow.
Coindesk reported on May 25th that the Xiong’An (or “Grand Shores”) fund has launched “a dedicated blockchain incubation park” in Hangzhou with financial support from the Hangzhou municipal government, who will furnish 30% of the subsidies available to startups wanting to relocate at the park. The program will reportedly provide a $490,000 resettlement allowance to highly-skilled blockchain developers and start ups will also be able to apply for up to $230,000 dollars in housing and $1 million dollars worth of research and development grants.
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CryptoCoinsNews reports that official have earmarked at total of $1.6 billion dollars towards development of the blockchain super complex.
Project officials told Coindesk they will clarify eligibility criteria this summer.
CryptoCoinsNews have also reported that Chinese state officials have, “ordered local financial authorities and government-funded research centers to focus on the development of blockchain technology and accelerate the commercialization of the blockchain,” as part of a huge restructuring currently underway on the coast of the country’s Guangdong region, the mainland Chinese province that sits across from and now partly administers Hong Kong and Macau.
Development of blockchain services, says Coindesk, is a matter of high priority to Guangdong officials.
A governing body whose name loosely translates as “State Council on Printing and Further Deepening China (Guangdong),” is perhaps seeking development of domestic blockchain services to undergird massive logistics operations that will be required in the Guangdong region’s new “pilot free trade zone.”
Officials are seeking to turn the Guangdong coastal region into “a high end shipping service area” and “international transit centre” characterized by “an honest legal environment” that “improve(s) the system of protection and use of intellectual property rights.”
Even small boats will purportedly move more freely, says the council.
“We will further promote the free travel of yachts from Guangdong, Hong Kong and Macau to further enhance the level of convenience for yacht clearance. Encourage social capital to establish marine industry funds. Promote the establishment of social organizations in the field of shipping insurance.”
China has lately come under fire from civil liberties advocate for its steady implementation of a social credit system that may use blockchain to keep track of citizens’ “sincerity” by monitoring their every move online and many of their actions when they are at large. Criticizing the government, for instance, would likely reduce a citizen’s social credit score.
For now, the “State Council on Printing and Further Deepening China (Guangdong)’s” main interest in regional blockchain development is financial:
“To build a regional equity market in Guangdong… We will vigorously develop financial technology and accelerate the research and application of blockchain and big data technologies under the premise of legal compliance.”