Chinese governments at all levels have been coming up with different policies and solutions to help the economy survive, in order to reduce the COVID-19 pandemic’s impact on business.
It has been reported that Nanjing, the capital of China eastern Jiangsu province, is one of the first cities in China to leverage blockchain technology and issue so-called “consumption vouchers” on the blockchain as a kind of crypto-driven stimulus package.
However, these vouchers are exchangeable for things like food, transportation, and electronics.
In the middle of June, Nanjing has issued at least 380 million yuan worth about $54 million USD of blockchain-driven coupons through an open lottery and directional distribution.
The city of Nanjing, China is using blockchain to distribute millions of dollars of “consumption vouchers” as part of an economic stimulation plan https://t.co/KuC1nc9GCN — Cointelegraph (@Cointelegraph) June 22, 2020
Likewise, on June 2, Nanjing teamed up with hundreds of brands like Didi Travel, Pizza Hut, and Carrefour to jointly set up the “Nanjing Metropolitan Area Consumption Alliance,” as the goal is to issue 1 billion yuan (about $141 million) of consumption voucher to help the consumption recovery in the near future.
Jin Tao, the Senior Researcher at Suning Institute of Finance, believes that other cities can also follow the suit.
Thus, Nanjing also pays attention to long-term policies like improving the business environment and promoting regional innovation in order to sustain economic recovery after the pandemic.
Source: Cointelegraph | Image: Pixabay