Chinese authorities have released a master plan for turning southern island province Hainan into a free trade port. Initially, the pilot program will select two banks to carry out business through the blockchain-powered platform. According to report the first export account was traded successfully through the system. The master plan encourages government institutions to use blockchain and other technologies to reform government function. On June 1 Xinhua News reported that th

Chinese province, Hainan, joins the blockchain ecosystem with the announcement of a pilot program of a cross-border financial services platform. According to Hainan Daily, the central government approved the initiative, allowing banks to provide loans to companies that look to export their products abroad. The measure seeks to reduce the bureaucracy of customs procedures while reducing the number of loan applications through regular channels. Initially, the pilot program will

Blockchain will continue to see major investments from China’s Hainan Free Trade Zone (FTZ) with new funds fostering local businesses. China’s Hainan Free Trade Zone Pledges $140M in New Blockchain Support https://t.co/Rvjwa7CasT China’s Hainan Free Trade Zone has pledged $140 million to developing blockchain in the pilot jurisdiction https://t.co/dUtxFPgeyq News pic.twitter.com/PKlh5Uhj6L — CryptoPost (@crypto_PST) December 5, 2019 On December 5, it has been reported by