Future FinTech Announces Plans to Build Cryptocurrency Mining Farm in Paraguay


Revealed: Oct. 27, 2021 at 6:00 AM MDT|Up to date: 54 minutes in the past

NEW YORK, Oct. 27, 2021 /PRNewswire/ — Future FinTech Group Inc. (NASDAQ: FTFT) (hereinafter known as “Future FinTech”, “FTFT” or the “Firm”), a number one blockchain-based e-commerce enterprise and a fintech service supplier, introduced that the Firm plans to construct a cryptocurrency mining farm in Paraguay. The Firm has obtained official invites from Paraguay’s Minister of Social Growth and the Mayor of the Metropolis of Coronel Oviedo and has had discussions with them as to its enterprise growth plan with a proposed website of Coronel Oviedo. Future FinTech has engaged Paraguay’s former Deputy Minister of Nationwide Vitality Division, Mr. Emilio Buongermini, as a guide to help the Firm in assessing cryptocurrency mining enterprise alternatives in Paraguay.

Additional, in mid-October, Mr. Angel Barchini, the Ambassador of Paraguay to Qatar, made a particular journey to London to go to the Firm’s new UK workplace and met with Future FinTech’s CEO Shanchun Huang. Ambassador Barchini and Mr. Huang mentioned Paraguay’s funding alternatives, its tax and cryptocurrency insurance policies and the standing of Paraguay’s out there power sources. On behalf of the Paraguayan authorities, Ambassador Barchini invited FTFT to contemplate enterprise growth alternatives in Paraguay together with that of the cryptocurrency mining enterprise.

Shanchun Huang, Chief Government of Future FinTech, commented, “We’ve had very encouraging discussions with officers of Paraguay, and we perceive that there was a marked improve in cryptocurrency mining actions in Paraguay in 2021 as a consequence of its favorable enterprise insurance policies and aggressive power costs. An necessary characteristic of cryptocurrency mining in Paraguay is that it could possibly be powered by hydroelectric environmental-friendly clear power since Paraguay has considerable hydroelectric energy sources as its ITAIPU Hydroelectric Dam is among the largest hydroelectric dam on this planet, with an put in era capability of 14 gigawatts.”

“Given the federal government of Paraguay’s help for the cryptocurrency mining enterprise, in addition to our dedication to the area, we plan to rigorously assess this growth alternative in Paraguay. We are going to work with our native guide to overview Paraguay’s hydroelectric energy and clear power sources, places for growing a mining farm and the preferential coverage remedy that we’d obtain for our capital funding. We are going to plan upon offering updates to our shareholders with extra data concerning this probably necessary growth for the Firm,” concluded Mr. Huang.

About Future FinTech Group Inc.

Future FinTech Group Inc. is a number one blockchain e-commerce firm and a service supplier for monetary know-how included in Florida. The Firm’s operations embody a blockchain-based on-line shopping center platform, Chain Cloud Mall (“CCM”), an incubator for blockchain primarily based software tasks, and provide chain financing and providers. The Firm can be engaged within the growth of blockchain primarily based e-Commerce know-how in addition to monetary know-how. For extra data, please go to http:/www.ftft.com/.

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SOURCE Future FinTech Group Inc.

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