China has been well known for its wayward stance towards cryptos. While there were rumors that China will adopt crypto when China passed the cryptographic law, however, the reality is far from true. On the other hand, China’s blockchain initiatives suggest that it is bringing banking-grade security to blockchain and earnestly working on regulating blockchain.
Per a recent tweet by Dovey Wan, founding partner at Primitive Crypto, Local Guangzhou government has announced a 1 B RMB (~$150M USD) government funding. The funding will be given to outstanding blockchain projects as a blockchain subsidy. The latter is a port city in China. Guangzhao Seeks To Attract Social Capital Agglomeration With Blockchain