Future FinTech Announces Plans to Build Cryptocurrency Mining Farm in Paraguay

Future FinTech Group Inc., 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.

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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.

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