Cryptocurrency Investment Fund Becomes a Possibility for Crimea To Bring in More Business

Blockchain technology is quickly becoming the most coveted technology in the world, especially as it gains new adoption. Authorities in Crimea are considering the use of blockchain technology within their own jurisdiction, involving a crypto investment fund. This fund would be meant to help the country look more appealing to tech businesses in the area. Specifically, if the fund comes to fruition, then it would be set in the special economic zones (SEZ) in Crimea, along with Sevastopol.

The planned blockchain cluster was a major topic of discussion for Georgy Muradov, the Permanent Representative of the Republic of Crimea under the President of the Russian Federation, at the Yalta International Economic Forum (YIEF). This meeting took place in Moscow on November 9th.

Muradov brought up a major point with the forum about cryptocurrency, saying that the world’s turnover so far is $1 trillion. He added,

“These funds are venture capitalists and they are looking for their shelter. We’d started the conversation on blockchain technologies last year and considered the creation of a cluster, a blockchain-cluster, in the form of a cryptocurrency investment fund.”

By the spring of 2018, plans were already in motion by the Crimean government to setup a cryptocurrency fund. However, at the time, the concern was being able to avoid international sanctions and to bring in investments from other countries, according to a CoinTelegraph report on April 20th.

As recently as last week, the State Duma Committee chairman in Russia spoke about the plan to created and issue a state-backed stablecoin from the national government. According to the chairman, it would be “the same ruble, just in encrypted form.”

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