Blockchain businesses will be able to receive up to $86,800 in relief on rent bills under new measures brought in by Fuzhou, China.

Fuzhou, China is offering rent subsidies to- blockchain businesses in a bid to accelerate the industry-rsquo;s growth, the state-run People-rsquo;s Daily- reported on June 11.

The incentive is part of three measures designed to help the sector, and will enable companies to receive up to 600,000- yuan ($86,800) in relief on rent bills per year for three years.

Traditional companies will also be encouraged to build blockchain applications, and will be eligible to receive a 20% subsidy on the cost of their development. Projects that win awards for scientific and technological progress, or deliver transformation in Fuzhou, could be rewarded with a payment of up to 600,000 yuan.

Firms that deliver industrial blockchain platforms such as technology labs or research centers could land a windfall of two million yuan ($289,000) if they are recognized by Chinese authorities -mdash; and as much as one million yuan ($144,500) if they contribute to high-level meetings at -ldquo;international, national and provincial levels.-rdquo;

Some of China-rsquo;s biggest companies have started to embrace blockchain. On May 21, it was reported that e-commerce giant- has- applied for more than 200 blockchain patents.

Two days later, it emerged that rival retail behemoth- Alibaba was- planning to integrate blockchain technology into its intellectual property system.

Last month saw China- release its latest government-sponsored cryptocurrency rankings, with- EOS retaining the top spot and- bitcoin moving up three positions to 12th place.

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