Crimea Develops a Learning Center for Investors on How to Use Blockchain to Bypass Sanctions

According to TASS, a leading news outlet in Russia, authorities in Crimea are mulling over the development of a blockchain-based solution that would enable investors to transact anonymously in sanctioned countries.

Recently, the Crimean administration affirmed its intentions of establishing a blockchain platform for venture capital companies that are based in the area. In addition, Roman Kulachenko from the Crimean blockchain association mentioned the region might soon get a blockchain education facility. The objective of the learning center will be teaching investors on how they can use distributed ledger technology to avoid trade sanctions.

Additionally, Roman believes that the institution could be used to train individuals who come from regions where cryptocurrency trading and blockchain-related ventures are totally prohibited. Specifically, he mentioned the states of South Ossetia and Abkhazia, both of which have an active ban on blockchain and digital currencies. Kulachenko is confident that the center will allow such traders to exchange ideas on how to overcome this challenge.

The use of digital assets to circumvent economic sanctions is not a novel practice. Earlier this year, it emerged that North Korea wad suing virtual currencies to bypass sanctions enforced by the United States.

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