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Foreign investors are showing interest in Digital Crimea project

As confirmed by Georgy Muradov, the Permanent Representative of the Republic of Crimea under the President of the Russian Federation, foreign investors show much interest in blockchain projects in Crimea, including cryptocurrency foundation and crypto exchange.

According to RIA Novosti, Georgy Muradov stated that despite the fact that “the legal provisions regulating blockchain and cryptocurrency market are yet to be introduced in Russia” and “the postponement of the implementation of related solutions”, there is a growing interest in the projects for creation of a cryptocurrency foundation and a crypto exchange in Crimea among foreign investors:

“Our Chinese partners are particularly interested in these projects, as there are many startups in the field of cryptocurrency, crypto equipment manufacturing, as well as those working in the sphere of the blockchain technology in China.”

Muradov also noted that Digital Crimea project “will provide for the implementation of various investment programmes in Crimea and, possibly, elsewhere”, while reminding that the project itself was devised to circumvent international sanctions.

Digital Crimea project was first outlined at the Yalta International Economic Forum (YIEF) in April 2018. This was followed by the Head of the State Duma’s Committee for Financial Market Anatoly Aksakov stating that the creation of a crypto offshore in Crimea would allow for bypassing sanctions and thus should be supported by the government. He also noted that Russian parliamentarians were considering the implementation of the system of “digital residency”.

Digital Crimea programme was developed jointly with the Russian Association of Blockchain and Cryptocurrency (RABAC) and other experts. It suggests a wide range of measures, such as attracting investments by means of ICOs. The local government also emphasized that Crimea could turn into a “sandbox” before applying the programme to the rest of Russia.