Russia is planning on creating a financial hub for cryptocurrency and international trading on the Chinese-Russian border on an island called Ussuryisky Island. This announcement was made at the St Petersberg International Economic Forum (SPIEF), which is an annual Russian business event held for the economic sector. There are two other economic zones in Russia, the Russky Island in Vladivostok and the Oktyabrsky Island in Kaliningrad.

Leonid Petukhov, the head of the agency of the Far East for Investments and Exports (IPA), said that the center would be used to carry out other financial activities as well:

“We want to make a big financial center there. Figuratively speaking, cryptocurrency, crypto-stock exchange, forest trade stock exchange – in a good way, domestic offshore. What they did in Kaliningrad.”

Russia is a country filled with crypto activists and it is no secret that its usage and popularity is flourishing in the country. Vladimir Putin has been a staunch supporter of cryptocurrencies. This has had a direct positive impact on the industry’s growth in the country.

The Russian Federation is planning to allow four of its regions to test innovations that are not covered by its current legislation, keeping the federal laws in mind. The Russian government itself will be launching the country’s native digital coin in the second half of 2019. Recently, it announced the opening of USD 7.3 million crypto mining farm in Russia spreading across 4,000 square meters.

As Russia eyes a shift from the US dollar to cryptocurrencies for international trade, the US is being swayed towards a hostile path. This could mean that Russia is planning on uniting all the pro-crypto countries to set up their bases in the country. Hence the construction of this financial center does not come as a surprise.

 

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