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Investors Express Interest In Crimean Blockchain Cluster

21:20 02/01/2019

Foreign investors are interested in the development of the blockchain cluster that can be created in Crimea, Cointelegraph reports, referring to an interview of Georgy Muradov, the Permanent Representative of the Republic of Crimea under the Russian President, with the RIA Novosti news agency.


The official states that the project is mainly of interest to investors from China since the crypto sphere is rapidly developing there and the number of crypto startups is growing.

The authorities of the peninsula, which is under international sanctions, suggest to create a crypto investment fund and a crypto exchange after the country's government and parliament pass the relevant laws.


According to Muradov, the project will allow launching several investment programs in Crimea, and cryptocurrency will help to decrease the republic’s reliance on the US dollar for remittances and settlements. Thus, it will be possible to bypass banking restrictions.


Initially, the idea to establish a crypto investment fund in Crimea originated in April 2018. The authorities began looking for opportunities to bypass sanctions and establish relationships with potential business partners and investors with the help of decentralized digital assets.

In November, they began considering the possibility of creating a blockchain study center, in which specialists from unrecognized state entities under international sanctions could receive education.


The deputies of the State Duma of Russia planned to adopt laws on crypto regulation in 2018, but the dates were postponed and the documents were sent for revision.

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