Home News Chinese firm plans to invest $1 600 000 in Buryatia-based blockchain project

Chinese firm plans to invest $1 600 000 in Buryatia-based blockchain project

Chinese Cloud Technology Center considers investing ₽100 000 000 (roughly $1 600 000) in a Russian blockchain project. The implementation of the project is to take place in the Republic of Buryatia, as reported by the regional government’s press office.

“The Head of Buryatia and the Cloud Technology Center (China) signed a letter of intent on the implementation of the “Development of Computer Software: Blockchain Technology (Cloud Computing)” project, which is to take place in the town of Gusinoozersk, Selenginsky District, Buryatia,” – the announcement reads.

The project management foresees to provide jobs for 50 employees. Local authorities will, in turn, consider the possibility of subsidizing the project and consult the investors on the applicable investment law of the Republic of Buryatia.

The implementation of the project is scheduled for 2018-2020.

This is not the first time when Russian regions attract cryptocurrency and blockchain entrepreneurs from China. For instance, back in April, Yalta International Economic Forum saw the signing of a memorandum of cooperation between Crimean local authorities and investors from China who intend to move their blockchain hardware assembly lines to the peninsula.