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China’s Hainan Free Trade Zone Pledges $140M in New Blockchain Support


China’s Hainan Free Trade Zone Pledges $140M in New Blockchain Support

China’s Hainan Free Trade Zone has pledged $140 million to developing blockchain in the pilot jurisdiction

Blockchain will continue to see major investment from China’s Hainan Free Trade Zone (FTZ) with new funds fostering local businesses.

As local English-language news outlet Xinhua Net reported on Dec. 5, Hainan’s dedicated economic pilot zone has pledged to boost the role blockchain tech plays in the local economy.

Free Trade Zone’s “support” for blockchain

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.”

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

The Hainan blockchain pilot zone was China’s first when it launched in October last year.

In general, the Hainan Free Trade Zone is a pilot economic area established by President Xi Jinping in 2018. 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.

Chinese investment pours in

As Cointelegraph reported, blockchain continues to be a buzzword in China after 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. The latest estimates put blockchain investment at $2 billion by 2023.

Among the latest funds to come from the local industry was another $140 million from OK Group, the parent company of cryptocurrency exchange OKCoin, cryptocurrency news outlet The Block reported on Dec. 2. Prior to that, the government of Guangzhou also said it would inject 1 billion yuan into the industry.

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