A press release published today by major local news media RIA Novosti says there is an increase in the demand for blockchain products and services within the Crimean region by foreign companies.

Vice-Premier of the Crimean Government Georgy Muradov told the news agency that the blockchain hub and their potential is of particular interest to the Chinese. He said: “Our Chinese partners are particularly interested in these projects, as there are a large number of startups in the field of cryptocurrency, crypto equipment manufacturing and those who work in the blockchain technology field in China.”

According to the press release, Muradov further explained the blockchain state in the peninsula with respect to mother Russia, he said: “While in Russia, at the legislative level there are no regulations governing the blockchain and the cryptocurrency market, the introduction of these technological solutions is postponed. Nevertheless, we have a project to create a cryptocurrency investment fund that can ensure the implementation of various investment programs in the Crimea.” He added saying, “we are talking about creating an investment fund in cryptocurrencies and a cryptocurrency exchange.”

Muradov made it known that the idea of cryptocurrency could help circumvent the limitations of relying on the dollar and also facilitate breaking away from the restrictions of banking policies. In this regard, he said: “The fact that the cryptocurrency turnover system is capable of solving the problem of avoiding the dollar and existing banking restrictions, which is relevant for the Crimean projects, is of no small importance.”

Talks of a blockchain cluster were first discussed in April last year when the project CryptoCrime was introduced during the fourth Yalta International Economic Forum. This was an opportunity to discuss the prospects of initiating cryptocurrency investment funds around the peninsula which was aimed at avoiding sanctions, as well as a cryptocurrency exchange.

The Russian Federation continues to be an attractive site for crypto-related businesses, as seen with the expansion of largest Chinese-based exchange Binance and that of Singapore Huobi into the Russian market. Russia is also home to some of the bright minds in the industry, as seen with the case of Ethereum developer Vitalik Buterin and Pavel Durov developer of the most preferred crypto-related community messaging app Telegram, which last year raised USD 1.7 billion in a seed funding round for its Gram cryptocurrency.

However, Russia has been somewhat slow to adopt a working regulatory framework for its blockchain and cryptocurrency industry with its drafts bill undergoing several edits, yet, a final draft is not ready to be passed. The peninsular Crimea may overtake the mother state in advancing the industry through its blockchain cluster as interests grow towards the region.

 

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