In order to reduce the impact of the COVID-19 pandemic on business, Chinese governments at all levels have devised different policies and solutions to help the economy survive.
Nanjing, the capital of China’s eastern province of Jiangsu, is one of the first cities in China to take advantage of blockchain technology and issue so-called „consumer vouchers“ in the blockchain as a kind of crypto-money-driven stimulus package, according to a local news report on June 23. These vouchers are redeemable for things like food, transportation and electronics.
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A stimulation of millions
As of mid-June, Nanjing has issued at least 380 million yuan worth of USD 54 million in blockcha-driven coupons through open lottery and directional distribution.
On June 2, Nanjing partnered with hundreds of brands such as Didi Travel, Pizza Hut, and Carrefour to jointly establish the „Greater Nanjing Consumer Alliance. The goal is to issue 1 trillion yuan (about USD 141 million) of consumer coupons to help consumer recovery in the near future.
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Jin Tao, a senior researcher at the Suning Institute of Finance, believes that other cities can do the same.
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Nanjing also pays attention to long-term policies, such as improving the business environment and promoting regional innovation to sustain economic recovery after the pandemic.
As Cointelegraph reported earlier, Chinese e-commerce giant JD Finance opened a research institute in Nanjing to build „smart cities“ with blockchain and AI. The Central Bank of China also established its digital currency laboratory in this city.