China’s Hainan Free Trade Zone Pledges $140M in New Blockchain Support
William Suberg's original article for cointelegraph.com reduced by 74%
Blockchain will continue to see major investment from China's Hainan Free Trade Zone 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.
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. Over 100 blockchain businesses have joined the Hainan Resort Software Community located there.
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