Russia may build a large financial center on the island of Bolshoy Ussuriysky, according to a report by the state-run TASS news agency on June 8.Leonid Petukhov, who heads the Far Eastern Agency for Attracting Investments and Supporting Exports, said the island could become an offshore destination for cryptocurrencies, crypto exchanges and forex markets.
Bolshoy Ussuriysky lies on the border between Russia and China, with western parts of the long-disputed territory transferred to Beijing following a 2004 agreement.
Petukhov made his statements while speaking to TASS at the St. Petersburg International Economic Forum.
Russia has already built two offshore economic zones in recent years: Oktyabrsky Island off Kaliningrad and Russky Island in Vladivostok.
Acceptance of crypto and blockchain in Russia has been somewhat mixed.
On June 7, it emerged that the country's parliament is considering imposing fines on crypto mining by the end of the month.
That same day, the CEO of Russia's largest bank, Sherbank, officially confirmed that the institution will not be developing crypto-related services.
Last year, authorities in the Crimean peninsula, a territory claimed by Russia, considered creating a blockchain cluster in the form of a crypto investment fund in order to attract more tech businesses to the area.
Russia's own long-awaited cryptocurrency legislation is currently being delayed after facing a requirement to include more crypto-specific terminology.
Russia May Build Offshore Destination for Cryptocurrencies, Exchanges and Forex
Published on Jun 10, 2019
by Cointele | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.