Russia Considers ‘Digital Crimea’ Blockchain Project to Bypass Sanctions

News
Fri, 10/05/2018 - 11:40
Yuri Molchan
The Russian parliament members believe that implementing the Digital Crimea program, which would be a part of the overall program for digitizing the Russian economy
Cover image via U.Today

The Russian parliament members believe that implementing the Digital Crimea program, which would be a part of the overall program for digitizing the Russian economy, can enable Russian companies to avoid sanctions imposed by the US.

Russian deputies and Blockchain experts claim that putting the Russian economy on digital tracks will allow hiding the real location of a company and it would be impossible to trace.

The “digital residency” system, which is also being considered now, implies an opportunity of companies located beyond Russian borders to make a remote registration within the Free Economic Zone. The latter will be created by the Russian Association of Blockchain and Cryptocurrency (RABAC). The government is also considering attracting investments through ICOs.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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