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Republic of Abkhazia: the chance to launch national cryptocurrency should not be missed

Abkhazia should not miss the chance to introduce a national cryptocurrency of its own, as stated by Abkhazian Minister of Economy Adgur Ardzinba in the interview to Abkhazian State Television and Radio Company.

“When the whole world, and we ourselves too, will realize that it was good and necessary, it will be too late already. If we lose time, then we will regret the missed opportunity,” – Ardzinba said.

The creation of a state-backed cryptocurrency bears the unique opportunity for boosting the country’s economic development, the Minister believes. According to Ardzinba, almost everything is ready for the implementation of this project, except for the legal framework.

Ardzinba noted, that back in 2017, when not a single country was ready to plunge in such a project, Abkhazia was one of the first to voice its intention to create a national cryptocurrency, but could never introduce it into economy. But today, some countries have already succeeded in this venture, and to much benefit of theirs.

“Since that time and until today, Belarus had adopted the decree on cryptocurrencies to much effect. Despite high inflation, Venezuela introduced its own cryptocurrency, which attracted 750 million dollars the very first day. I don’t hide the fact that I remain committed to this course of action,” – the Minister admitted.

The official hopes that Abkhazia will finally be able to create its own cryptocurrency which will give an impetus to the country’s development.

Adgur Ardzinba has been advocating the idea of creating Abkhazian Coin (ABHCoin) since 2017. He believes that digital currency would provide for attracting investments into the country’s economy and circumventing all sorts of political and economic blockades and embargoes.

At the same time, Russian president Vladimir Putin has recently stated that creation of a state-backed cryptocurrency in Russia is out of question, because “cryptocurrency extends beyond national borders”.