Last month, Russia’s government released a proposal stating they would attempt to “tame” the expansion of cryptocurrencies in Crimea. This is not to limit the power of crypto technology in the region but instead, to use it as a testing ground for future development.
CRIMEA IS PERFECT CRYPTO TESTING ROUND FOR RUSSIA GOVERNMENT
Ever since Russia “acquired” Crimea back in 2014, the country has continued to exist in some abnormal manner. From a domestic point of view, the country is a federal entity. However, it’s also a unique economic zone for the Russian government. Hence, Moscow is using their relationship with Crimea to implement large-scale financial experiments on the federal level. In other words, it’s going to be a crypto playground for Russian authorities.
RUSSIA GOVERNMENT INVENTS CRYPTO CRIMEA PLAN
Russia stated they will start working on a Crypto Crimea plan in the country. Essentially what this means is they will create a Blockchain Technology Development Center there that focuses entirely on new crypto projects and investments. Furthermore, they want to create their own legal framework in the country. The unique status of the Crimea jurisdiction makes it fertile ground for experiments on this level. Are we looking at the next Silicon Valley here? That’s a little too early to tell but it’s certainly not out of the question.
ARE RUSSIA AND CRIMEA THE NEXT CRYPTO GOVERNMENTS?
With American authorities like the SEC putting hard boundaries on crypto expansion, others like Russia are opening their doors to it. They are not the only ones in the area to do so either. Nearby Estonia is one of the first countries to become an “e-country” with Switzerland close behind. It seems like European citizens know far more about the digital currency environment than their American counterparts. However, there are still more promising blockchain startups in the San Francisco area than most people know what to do with. What does the future hold with cryptocurrency in Russia? Will America catch up to their innovative experiments? Share your thoughts in the comment section below.