Beijing to Set up Blockchain Fund and Promote ‘Unicorn’ Firms

Beijing to Set up Blockchain Fund and Promote ‘Unicorn’ Firms

Blockchain
July 1, 2020 Editor's Desk
196
The city government of Beijing and the surrounding area has declared a new two-year plan to promote the Chinese capital’s blockchain industry. As per an official declaration from the People’s Government of Beijing Municipality, the capital’s plan includes setting up blockchain technology talent training authority and establishing a city-run fund that will finance in promising
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The city government of Beijing and the surrounding area has declared a new two-year plan to promote the Chinese capital’s blockchain industry. As per an official declaration from the People’s Government of Beijing Municipality, the capital’s plan includes setting up blockchain technology talent training authority and establishing a city-run fund that will finance in promising blockchain industry firms. The city also communicated its wish to establish a framework to assist and combine blockchain advances.

In the announcement, penned on June 18, but made public today, the city stated its ambition to transform Beijing into a “hub” of blockchain innovation, blockchain training, and real-life blockchain adoption. The authorities charged the city’s science and IT commission, as well as its economics department, developing a network of R&D centers and creating an “open-source” blockchain community.

The city appended that it aimed to cultivate various “unicorn” blockchain startups, seeing to promote promising small and medium-sized companies that operate in the blockchain sector. Nevertheless, the document made no notice of exactly how much money would be made accessible. Funds (again, amount unspecified) will also be made available to support universities and colleges in the capital to “build joint blockchain labs,” as well as build standards and pool resources and knowledge.

Beijing stated it assumed that by 2022, the project would produce tangible results in the fields of water monitoring, public transport, cross-border trading, and more. Companies will be capable of expecting support in the form of office space rental subsidies, training cost grants, research grants, and government-funded pilots. The fund will also pay for the education of a new generation of blockchain system architects, development-related engineers, and test engineers.

Other parts of the country, including a free trade zone in Shandong, have already relished early success with their own blockchain-powered cross-border trade platforms. The mostly agricultural province of Yunnan is set to put its multi-million dollar pu’er tea and industrial cannabis industries onto blockchain platforms, with ideas for blockchain-powered digital invoices revealed.

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