Future FinTech plans to build cryptocurrency mining farm in Paraguay

Future FinTech (NASDAQ:FTFT) says it has received official invitations from Paraguay's Minister of Social Development and the Mayor of the City of Coronel Oviedo and had discussions with them regarding business development plan with a proposed site of Coronel Oviedo. The Company 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. On behalf of the Paraguayan government, Ambassador Barchini invited FTFT to consider business development opportunities in Paraguay including that of the cryptocurrency mining business. "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", says Future FinTech's (FTFT) CEO Shanchun Huang. Shares of FTFT +3% premarket.