Future FinTech Announces Plans to Build Cryptocurrency Mining Farm in Paraguay

Published: Oct. 27, 2021 at 6:00 AM MDT|Updated: 1 hour ago

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

Certain of the statements made in this press release are “forward-looking statements” within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target” and other similar words and expressions of the future.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2020 and our other reports and filings with SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

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SOURCE Future FinTech Group Inc.

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