April 18, 2021

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‘Blockchain computing’ plan in the works in China’s Yunnan province

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Government officials from the Chinese Yunnan province released a plan to support the region’s blockchain industry’s development. 

The plan, published by the General Office of the People’s Government of Yunnan Province, outlines 10 areas that officials intend to support relating to blockchain development. This step forward is noteworthy because Yunnan, as the neighboring Sichuan province, is a hydropower-rich hub that powers a notable portion of the BTC altcoins network’s hashrate.

Though the plan doesn’t explicitly mention BTC or digital currency mining farms, crypto news publication The Block reported the announcement follows the government authorities’ visits to mining farms in Yunnan, where they studied the farms’ interactions with the local economy. It adds that this could be the Yunnan government’s first step towards building something akin to the state-sanctioned digital currency mining parks recently formed in Sichuan.

The plan touches on a wide range of areas, from supporting the construction of new blockchain infrastructure to strengthening blockchain government application leadership, so provincial departments adopt blockchain solutions. One significant part of the plan is the cultivation of the blockchain industry’s application market and benchmarks for blockchain applications.

Officials have proposed to construct and operate a “Blockchain Center” and communication platform in Yunnan Province. The provincial finance has arranged 50 million yuan for the construction of the center and professional teams’ employment for operation.

Officials also want to support the listing of blockchain companies on the Shanghai Stock Exchange and the Shenzhen Stock Exchange with a financial award of not over 16 million yuan.  

The plan does not make mention of the type of blockchain business types it will sanction. Mining BTC altcoins token for the subsidy reward is hugely popular in this region. Lately, some government officials have started to examine the more beneficial blockchain use cases which require infrastructure companies focused on processing transactions on BTC SV

Officials will implement this measure from the date of promulgation and it will be valid until December 31, 2023.

See also: TAAL’s Jerry Chan presentation at CoinGeek Live, The Shift from BTC “Miners” to “Transaction Processors”

New to BTC? Check out CoinGeek’s BTC for Beginners section, the ultimate resource guide to learn more about BTC—as originally envisioned by Satoshi Nakamoto—and blockchain.

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