To reduce the impact of the COVID-19 pandemic on business, the Chinese authorities at all levels have developed various strategies and solutions to help the economy survive.
Nanjing, the capital of Jiangsu province in eastern China, is one of the first cities in China to use blockchain technology and export the so-called “blockchain consumption” as a kind of incentive package, according to a local news report on June 23. These accessories can be replaced with items such as food, transportation, and electronics.
Motivation of millions
As of mid-June, Nanjing had issued at least $ 380 million worth about $ 54 million in blockchain-managed coupons by opening a lottery and distributing to destinations.
On June 2, Nanjing teamed up with hundreds of brands such as Didi Travel, Pizza Hut and Carrefour to create the “Nanjing Consumer Agglomeration Area.” The goal is to issue 1 billion yuan (about $ 141 million) of consumer vouchers to help with consumption in the near future.
Jin Tao, a senior fellow at Suning Finance Institute, believes other cities can follow suit.
Long term vision
Nanjing also emphasizes long-term policies, such as improving the business environment and promoting regional innovation to support economic recovery from the epidemic.
As mentioned earlier by the Cointelegraph, Chinese e-commerce giant JD Finance has opened a research institute in Nanjing to build smart cities using blockchain and artificial intelligence. The Central Bank of China has also set up a cryptocurrency laboratory in this city.