Crimea Plans Cryptocurrency Fund to Circumvent Sanctions, Woo Foreign Investors

2018/4/20 23:45:56

Georgy Muradov, the Crimean deputy prime minister. (screenshot)










By Samantha Chang for CCN, Apr 20, 2018


Crimean authorities want to launch a cryptocurrency fund for foreign investors to circumvent the economic sanctions currently in place against the Russian-occupied territory. Georgy Muradov, the deputy prime minister of Crimea, revealed his plans on April 18.


“We are discussing these schemes to circumvent sanctions,” Muradov told reporters (via Tass). “One way is the creation of a cryptocurrency investment fund in Crimea where we can accumulate cryptocurrency resources, exchange them into cash, and then use them to implement certain investment projects on Crimean land.”


Muradov added (via Arguments of the Week): “Cryptocurrency is a way to avoid settlements in U.S. dollars and euros from currency restrictions.”


Muradov made the remarks one day before the Yalta International Economic Forum. At the conference, Anatoly Aksakov — who heads the Committee on the Financial Market in Russia’s lower legislative chamber —  said cryptocurrency exchanges and ICOs may be allowed on Crimean territory, but mining won’t be permitted due to electricity shortages in the region.


“Mining in the Crimea is an illusion, but ICO and crypto-exchanges are quite real,” Aksakov said. “[Authorities] are working hard on this issue.”


Bitcoin Bull Wants Crimea to Be Crypto Hub


The move toward cryptocurrency adoption on Crimean territory is definitely progressing.


In April 2017, Russian businessman and bitcoin bull Boris Titov proposed transforming the Eastern European peninsula into a sort of crypto Silicon Valley that could be home to various cryptocurrency and blockchain businesses.


“Maybe we can make a Crypto Valley Crimea,” Titov said, as CCN previously reported.


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Editor’s Note: In most of the civilized world, the so-called annexation of Crimea by Russia is considered an illegal act that will eventually be reversed.

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