The investment in blockchain technology is flowing all over China despite the ban on cryptocurrency.
ZDNet, a local news agency, stated that Nanjing city, the capital of the Jiangsu province, has started a 10 billion yuan ($1.5 billion) fund to promote and adopt blockchain technology.
Nanjing is one of the 4 most important cities in China and sites one of the world biggest inland ports. Beijing, Luoyang, and Xi’an are the other 3 most important cities in the Province of China. The city has a population of more than 8 million and over 30 million in the metro area, it is located in the Eastern region of China.
In October 2017, Alibaba, an online retail behemoth chose Nanjing city as the headquarters if its crypto mining business.
Zhongguancun Blockchain Industry Alliance (ZIBA) and the municipality together created this fund, the alliance includes members of government agencies. This initiative was announced in an event in the Industrial Public Chain Summit by Yuandao, the Chairman of Zhongguancun Blockchain Industry Alliance (ZIBA). Lua Qun, the deputy secretary of the local Communist Party was present at this event.
Blockchain Businesses who looking for a physical relocation could get a lot of incentives by choosing the city of Nanjing.
UDAP, a blockchain middleware service is reportedly one of the first projects to benefit from this fund. UDAP helps users make DAPPs (Decentralised Application) and represent their real-world assets as tokens.
Blockchain technology has got a lot of support from the Chinese government despite the ban on cryptocurrencies. ConsenSys recently signed a MoU with Xiongan Government to implement blockchain technology in its dream smart city.
According to a report, 41 percent of all the Chinese Blockchain startups received funding in 2018.