Hainan Free Trade Zone Pledges $140 Million In New Blockchain Support, China

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 Xinhua, the local English-language news outlet that Hainan’s dedicated economic pilot zone has pledged to boost the role blockchain tech plays in the local economy. 

However, the new measures, which the pilot zone announced at a press conference this week, include a fund worth 1 billion yuan ($142 million).

According to Xinhua, the FTZ is aiming to “support the blockchain industry through talent cultivation, technological application, social investment, and other aspects.”

Similarly, the announcement sees Hainan fall in line with various other Chinese provinces which have confirmed financial support for blockchain in recent weeks and months. 

It has been analyzed that the Hainan blockchain pilot zone was China’s first when it launched in October 2018.

In general, the Hainan Free Trade Zone is a pilot economic area, which established by President Xi Jinping in 2018. However, the plan set out to make the island a free trade zone by 2020, and eventually, turn into a free port by 2025.

Since then, over 100 blockchain businesses have joined the Hainan Resort Software Community located there. 

As it has been reported earlier, blockchain continues to be a buzzword in China after the official endorsement of the technology from the government.

At the same time, figures of the country’s financial commitment appear to vary; new cash injections appear regularly, but overall long-term investment forecasts remain comparatively conservative.

Thus, the latest estimates put blockchain investment at $2 billion by 2023. 

Source: xinhuanet.com | cointelegraph.com

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