Russian Far East and Baikal Region Development Fund (FEBRDF) has contracted with China-based Tai Cloud Corporation for joint implementation of blockchain projects. One of these will be the establishment of a Financial Center in Vladivostok, as reported by TASS news agency.
The Financial Center will be established at the initiative of the President Vladimir Putin. As reported earlier by the Minister for the Development of the Russian Far East Alexander Galushka, this idea has been also supported by the Bank of Russia and the Government.
It is expected that the Financial Center will host foreign banks’ branch offices, a multi-currency crowdfunding platform and a digital financial assets-trading exchange.
As noted by the representative of FEBRDF, Tai Cloud company has the “experience in development and implementation of numerous innovative blockchain-based solutions, including those designed for managing supply chains, energy infrastructure, patients’ records and financial technologies.”
Far East and Baikal Region Development Fund was established by Vnesheconombank (VEB), the Russian state-owned development bank, which is the Fund’s only stakeholder. The Fund manages 38 billion rubles worth of assets. 25 billion of these were already invested in 15 sectoral projects, as of February 2018.
As reported earlier, FEBRDF has been approaching the Government with the proposal to create a crypto valley in Vladivostok.