Blockchain News Today: Serious Incentives for Blockchain Initiatives in China

The Blockchain Industry Center in Hangzhou, east of China, announced that millions of dollars worth of support will be given to businesses that want to do business on this area.

The new policy requires the center to be structured like the Silicon Valley; even if it is stated that it offers serious money support and advantageous options to talented people, or even entrepreneurs, for example, a high-level knowledge of Blockchain specialists is given an average annual salary of 490 thousand dollars .

Initiatives will also take on this new project. According to this, the people who want to spend their life in this center; about 230 thousand dollars in rent allowance and research aid of up to 1 million dollars . At the same time, for higher-level crypto-money ventures, this rent and housing allowance could go up to $ 480,000 and these companies could also qualify for close to $ 1 million.

As noted earlier, a source of approximately $ 1.6 billion has been allocated by the Chinese government for the development of Blockchain research, which is fully prepared for companies that are located or will be taking over the center in April. At the same time, a Blockchain research institute will be established in the city to study the academic development of Blockchain.

It is not yet known which specific criteria must be met or whether there is such a criterion in order to benefit from these funds and supports. The curiosity is that the terms and conditions of the application and the company characteristics will not be explained.

Even though the Chinese government has made very strict sanctions against the crypto money trade and reversed the period-end market, it has made a big applause in the past few months with what they have done with Blockchain. The Chinese government, which was struggling to establish an international Blockchin research center in March, also applied for a bid for a scaling-up effort in February on the Blockchain technology systems through the Bank of China.

At the beginning of this year, China-based JD.Com announced that it would support 4 entries for Blockchain. In the past month, another $ 79 million has been allocated to support the Blockchain initiatives in Shenzen.

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Aamir Kapoor is a fintech writer specializing in cryptocurrency and blockchain. He has a background in finance and banking and was a researcher.