Foreign Companies Interested In Blockchain Project To Be Launched In Crimea - Official

Foreign companies, especially the Chinese ones, are expressing interest in a blockchain project that is set to be implemented in the Russian Republic of Crimea, Georgy Muradov, the deputy prime minister of the Crimean government, told Sputnik on Wednesday.

MOSCOW (UrduPoint News / Sputnik - 02nd January, 2019) Foreign companies, especially the Chinese ones, are expressing interest in a blockchain project that is set to be implemented in the Russian Republic of Crimea, Georgy Muradov, the deputy prime minister of the Crimean government, told Sputnik on Wednesday.

He specified that although there are no provisions regulating blockchain and cryptocurrency markets in the Russian legislation, there is a plan to create a cryptocurrency investment fund and a cryptocurrency exchange in Crimea.

"We have a plan to establish a cryptocurrency investment fund that will enable implementation of various investment projects in the Crimean territory and perhaps outside it as well ... Our Chinese partners are especially interested in these projects, as there are many cryptocurrenty, cryptoequipment, and blockchain start-ups in China," Muradov said.

He specified that the cryptocurrency circulation system would solve the problem of Dollar usage avoidance and bank restrictions circumvention, which Crimea currently faces.

The CryptoCrimea project came into spotlight at the fourth Yalta International Economic Forum, held in April 2018. The initiative envisages the creation of a blockchain cluster in Crimea, which would include a cryptocurrency investment fund and a cryptocurrency exchange. The possibility to launch production of blockchain-related equipment in Crimea has also been discussed at the forum.