Almost All Chinese Provinces Have Blockchain-Boosting Policies
Crypto in China might be under unprecedented government pressure, but the opposite is true of blockchain technology.
While many Chinese provinces and cities are cracking down on crypto mining, most are trying to boost their local blockchain industries.
- Out of China's 34 provinces and province-level cities, 33 have enacted policies to accelerate blockchain innovation, local media reported, citing research from Chinese blockchain news site ChainNews.
- The newest issue of China's most important economic-planning document, the Five-Year Plan, named blockchain a nationally strategic technology for the first time, calling on local governments to spur innovation in the field.
- Fourteen governments are offering financial rewards to companies that excel in blockchain innovation.
- Ganzhou, a city in one of China's poorest provinces, Jiangxi, is promising 17.5 million yuan ($2.7 million) to companies that become unicorns, according to the report. A unicorn company is commonly defined as a startup whose valuation reaches $1 billion.
- Shanghai is offering permanent residency to highly skilled workers who move there to work on blockchain, the report said. Permanent residency in Shanghai is a lifetime aspiration for many Chinese citizens because it allows them to live, buy property and access public services in the country's most international city.
- At the same time, several provincial and city governments have moved to shut down or curtail crypto mining, following signals from China's top leadership.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.