Hainan (China) Free Trade Zone Commits $142mln For Blockchain Adoption

China’s Hainan Free Trade Zone (FTZ) will continue to invest in blockchain adoption, according to media outlet Xinhua Net. In this regard, Hainan’s devoted economic pilot zone has committed to increase the role of blockchain technology in domestic economy. The latest steps include funding to the tune of 1 billion yuan ($142 million).

As per Xinhua, the FTZ intends to “support the blockchain industry through talent cultivation, technological application, social investment and other aspects.”

The announcement indicates that Hainan is following the footsteps of other Chinese provinces which have guaranteed financial assistance for blockchain in the past few weeks and months.

The Hainan blockchain trial zone, unveiled in October 2018, was the first of its kind in China. Hainan Free Trade Zone, in general, is a trial economic zone set up by President Xi Jinping last year.

The idea is to turn the island a free trade zone by 2020 and finally make it a free port by 2025. Since the day of establishment, more than 100 blockchain companies have become a part of the Hainan Resort Software Community locate in that area.

Blockchain has almost become a slogan after receiving official endorsement from Beijing. Even though there are new projects related to blockchain are coming up consistently, long-term investment outlook remains a bit frugal.

The latest assessment forecasts $2 billion in blockchain investment by 2023.

Most recently, OK Group, which operates cryptocurrency exchange OKCoin, has committed $140 million. Earlier, Guangzhou government revealed its plan to inject 4 billion yuan into blockchain sector.