Future FinTech Announces Plans to Build Cryptocurrency Mining Farm in Paraguay

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Revealed: Oct. 27, 2021 at 8:00 AM EDT|Up to date: 11 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 acquired official invites from Paraguay’s Minister of Social Improvement and the Mayor of the Metropolis of Coronel Oviedo and has had discussions with them as to its enterprise improvement plan with a proposed web site of Coronel Oviedo. Future FinTech has engaged Paraguay’s former Deputy Minister of Nationwide Vitality Division, Mr. Emilio Buongermini, as a advisor 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 think about enterprise improvement alternatives in Paraguay together with that of the cryptocurrency mining enterprise.

Shanchun Huang, Chief Govt 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 on account 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 without doubt one of the largest hydroelectric dam on the earth, with an put in era capability of 14 gigawatts.”

“Given the federal government of Paraguay’s assist for the cryptocurrency mining enterprise, in addition to our dedication to the house, we plan to fastidiously assess this improvement alternative in Paraguay. We’ll work with our native advisor to assessment Paraguay’s hydroelectric energy and clear power sources, areas for creating a mining farm and the preferential coverage therapy that we’d obtain for our capital funding. We’ll plan upon offering updates to our shareholders with extra info relating to this doubtlessly necessary improvement 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 expertise integrated 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 utility tasks, and provide chain financing and providers. The Firm can also be engaged within the improvement of blockchain primarily based e-Commerce expertise in addition to monetary expertise. For extra info, please go to http:/www.ftft.com/.

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Sure of the statements made on this press launch are “forward-looking statements” inside the that means and protections of Part 27A of the Securities Act of 1933, as amended and Part 21E of the Securities Alternate Act of 1934, as amended, or the Alternate Act. Ahead-looking statements embody statements with respect to our beliefs, plans, aims, targets, expectations, anticipations, assumptions, estimates, intentions, and future efficiency, and contain identified and unknown dangers, uncertainties and different components, which can be past our management, and which can trigger the precise outcomes, efficiency, capital, possession or achievements of the Firm to be materially totally different from future outcomes, efficiency or achievements expressed or implied by such forward-looking statements. All statements aside from statements of historic truth are statements that could possibly be forward-looking statements. You may establish these forward-looking statements via our use of phrases equivalent to “might,” “will,” “anticipate,” “assume,” “ought to,” “point out,” “would,” “imagine,” “ponder,” “anticipate,” “estimate,” “proceed,” “plan,” “level to,” “undertaking,” “might,” “intend,” “goal” and different related phrases and expressions of the long run.

All written or oral forward-looking statements attributable to us are expressly certified of their entirety by this cautionary discover, together with, with out limitation, these dangers and uncertainties described in our annual report on Type 10-Ok for the 12 months ended December 31, 2020 and our different experiences and filings with SEC. Such experiences can be found upon request from the Firm, or from the Securities and Alternate Fee, together with via the SEC’s Web web site at http://www.sec.gov. We’ve no obligation and don’t undertake to replace, revise or right any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements in any other case are made.

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SOURCE Future FinTech Group Inc.

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