Fuzhou, China is providing rent subsidies to blockchain businesses in a very bid to accelerate the industry’s growth, the state-run People’s Daily reported on june 11.

The motivation is a piece of three estimates intended to support the segment, and will empower organizations to get up to 600,000 yuan ($86,800) in alleviation on lease charges every year for a long time.

Traditional firms will be encouraged to make blockchain applications, and can be eligible to receive a 200th grant on the value of their development.

Ventures that success grants for logical and mechanical advancement, or convey change in Fuzhou, could be compensated with an installment of up to 600,000 yuan.

Firms that deliver industrial blockchain platforms like technology labs or analysis centers might land a windfall of 2 million yuan ($289,000) if they're recognized by Chinese authorities — and the maximum amount as one million yuan ($144,500) if they contribute to high-level meetings at “international, national and provincial levels.”

Some of China’s biggest firms have begun to embrace blockchain. On May 21, it had been reported that e-commerce large JD.com has applied for over 200 blockchain patents.

Two days later, it emerged that rival retail behemoth Alibaba was attending to integrate blockchain technology into its belongings system.

A month ago observed China discharge its most recent government-supported digital currency rankings, with EOS holding the top spot and bitcoin climbing three positions to twelfth spot.

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