Copy link
Increase text size
Decrease text size
Link copied

China’s Hainan announces new measures, $142M fund to support blockchain industry

Thu, 05 Dec 2019, 06:16 am UTC

Hainan, an island province of China, has released a set of measures to accelerate the development of blockchain industry in the region, Xinhua reported.

The measures were announced by China’s first blockchain pilot zone in the Hainan pilot free trade zone (FTZ). Launched by the provincial department of industry and information technology in October 2018, the blockchain pilot zone is based in the Hainan Resort Software Community (RSC).

Wang Jing, head of the department, said that the blockchain pilot zone is the first to be officially authorized by the provincial government. The pilot zone has accommodated over 100 blockchain organizations and companies to date.

As per the report, Hainan plans to support the blockchain industry by nurturing talent, application of the technology, social investment, and other such measures. Efforts will also focus on the technology’s implementation in multiple sectors including housing, healthcare, tourism, and trade, among others.

Importantly, a special fund of 1 billion yuan (approximately $142 million) will be set up to support blockchain companies.

In order to overcome the challenges faced by this sector, the pilot zone also recommended special measures which include the establishment of innovation alliances, building a technical system, establishing blockchain industry ecology, and the optimization of the development environment, according to a press release.

Furthermore, the RSC has also unveiled an action plan, titled "Secure, Sharing, Compliance+" (SSC+), which aims to leverage cutting-edge technologies such as blockchain and big data to facilitate secure and trusted data sharing and digital governance. The initiative has already attracted interest from the Dubai Blockchain Center, which signed a strategic cooperation agreement with the blockchain pilot zone on Wednesday, Dec. 04.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,192.11 (-2.11%)
  • Ethereum (ETH) $239.18 (-2.70%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $237.33 (-2.22%)
  • Bitcoin SV (BSV) $181.16 (-3.83%)
  • Bitcoin (BTC) $9,192.11 (-2.11%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft