NEW YORK, Oct. 27, 2021
/PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT)
(hereinafter referred to as "Future FinTech", "FTFT" or the
"Company"), a leading blockchain-based e-commerce business and a
fintech service provider, announced that the Company plans to build
a cryptocurrency mining farm in Paraguay. The Company has received official
invitations from Paraguay's
Minister of Social Development and the Mayor of the City of Coronel
Oviedo and has had discussions with them as to its business
development plan with a proposed site of Coronel Oviedo. Future
FinTech has engaged Paraguay's
former Deputy Minister of National Energy Department, Mr. Emilio
Buongermini, as a consultant to assist the Company in assessing
cryptocurrency mining business opportunities in Paraguay.
Further, in mid-October, Mr. Angel
Barchini, the Ambassador of Paraguay to Qatar, made a special trip to London to visit the Company's new UK office
and met with Future FinTech's CEO Shanchun
Huang. Ambassador Barchini and Mr. Huang discussed
Paraguay's investment
opportunities, its tax and cryptocurrency policies and the status
of Paraguay's available energy
resources. On behalf of the Paraguayan government, Ambassador
Barchini invited FTFT to consider business development
opportunities in Paraguay
including that of the cryptocurrency mining business.
Shanchun Huang, Chief Executive
of Future FinTech, commented, "We have had very encouraging
discussions with officials of
Paraguay, and we understand that
there has been a marked increase in cryptocurrency mining
activities in Paraguay in 2021 due
to its favorable business policies and competitive energy prices.
An important feature of cryptocurrency mining in Paraguay is that it could be powered by
hydroelectric environmental-friendly clean energy since
Paraguay has abundant
hydroelectric power resources as its ITAIPU Hydroelectric Dam is
one of the largest hydroelectric dam in the world, with an
installed generation capacity of 14 gigawatts."
"Given the government of Paraguay's support for the cryptocurrency
mining business, as well as our commitment to the space, we plan to
carefully assess this development opportunity in Paraguay. We will work with our local
consultant to review Paraguay's
hydroelectric power and clean energy resources, locations for
developing a mining farm and the preferential policy treatment that
we might receive for our capital investment. We will plan upon
providing updates to our shareholders with additional information
regarding this potentially important development for the Company,"
concluded Mr. Huang.
About Future FinTech Group Inc.
Future FinTech Group Inc. is a leading blockchain e-commerce
company and a service provider for financial technology
incorporated in Florida. The Company's operations include a
blockchain-based online shopping mall platform, Chain Cloud Mall
("CCM"), an incubator for blockchain based application projects,
and supply chain financing and services. The Company is also
engaged in the development of blockchain based e-Commerce
technology as well as financial technology. For more information,
please visit http:/www.ftft.com/.
Safe Harbor Statement
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SOURCE Future FinTech Group Inc.