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Foreign investors are interested in the Crimean blockchain cluster, the local official Georgy Muradov told the Russian news agency RIA Novosti on 2 January.
Muradov, who serves as a permanent representative of the Republic of Crimea under the president of the Russian Federation, revealed that the project is mainly of interest to Chinese investors, given that the country hosts many encrypted startups.
The authorities of the heavily penalized peninsula are planning to create a crypt of investment funds and an exchange of cryptocurrencies, as soon as the related encryption is provided by the Russian government, Muradov has continued.
The official believes that the initiatives will facilitate the implementation of various investment programs in the Crimea, while cryptocurrencies could help the region to rely less on the dollar and avoid current bank restrictions.
The idea of creating a crypto investment fund in Crimea, controlled by the Russian government since 2014, emerged for the first time in April 2018. At that time, the authorities began to look for ways to evade sanctions using decentralized currencies in all relationships with partners and investors.
In November 2018, the plans were again confirmed, with Muradov clarifying that the peninsula had to establish a blockchain mass.
The same month, the president of the Republican Association of Crimea by Blockchain Technologies Investment, Roman Kulachenko, said that a new international training center to work with blockchain technologies as a means of avoiding sanctions could be opened in the Crimean peninsula .
Russia has struggled to pass a law on encryption during 2018. However, in December, the project was rejected at first reading for significant changes, even though the Russian Deputy Prime Minister denied the need for changes.
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