The Chinese government plans to train a minimum of 500,000 individuals in web3 skills through its newly established national blockchain research center. Additionally, the government aims to create a unified blockchain network that connects existing networks throughout the country.
Even though bitcoin (BTC) and other cryptocurrencies are still prohibited in mainland China, the government recognizes the potential of the underlying distributed ledger technology (DLT) that drives these digital assets.
In a recent update, Chinese authorities have announced their intention to educate and train a minimum of 500,000 blockchain professionals through the newly established national blockchain center in Fuzhou City, Beijing.
China to train 500,000 Blockchain experts with National Research Centre.
Meanwhile in the US Gensler and SEC is fkin around.
— whalechart (@WhaleChart) May 14, 2023
According to reports, this initiative also aims to attract companies focusing on blockchain technology to the area. To encourage their presence, the government plans to offer rent subsidies of up to 10,000 yuan (approximately $1,438) to these startups.
National blockchain platform underway:
As part of the project, the government will provide cash rewards to web3 businesses based in Fuzhou. These rewards will be up to 6% of their operating income, given that their active income exceeds a certain range of 5 to 25 million yuan for the first time.
Additionally, the government will offer support for the creation of blockchain applications and experimental initiatives in the area. A national-level blockchain network will be established to connect various blockchain networks across the country, facilitated through the national blockchain center.
This information is for general knowledge only and should not be considered as advice for investing or making financial decisions.