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Vladivostok - The new Russian Crypto-Hub

Feb 24, 2018 Posted /  4567 Views

Vladivostok - The new Russian Crypto-Hub

With the comprehensive discussion about the development of Far east coast of Russia, the creation of crypto valley in The city of Vladivostok has been proposed following to the assigned fund for development. In an interview with RNS, the director general of the city stated that FDFE, Voshod(a digital platform) and the central bank executives are discussing on the matter. The analysts are examining the regulations to be proposed to eliminate the associated risks.

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The director general, Alexei Chekunov further mentioned that the country raised around $2 Billion through ICOs, out of which 5% has been accounted for Russian Projects. The nation has realized the underutilization of resources in this field and thus working on that.

As the government is considering Vladivostok for the crypto valley project, Chekunov named that project as “Russian Crypto Valley”  which will serve as a test site for regulatory approaches. As per news.bitcoin, a local Russian representative with direct knowledge on the matter told lawmakers that Crimea could also be used to serve the same purpose. A few days ago the deputies settled with Russian republic of Udmurtia for crypto mining projects. Other territories are also looking for opportunity.

Reportedly, FDFE has announced that the authorization is intending to convert Vladivostok into its first crypto valley as the territory offers benefits such as free port. As per Deputy Finance Minister of Russia, Primorsky Krai showed interest in the prevailing project to host Virtual economy trade.

Alexei Chekunov recently stated in a media interview that currently government officials are focusing on finalizing regulatory framework to initiate the functioning of crypto assets. The organization is also in contact with interested states. Further, Alexei Chekunov said that they would start operations by the mid of 2018. The project will be funded by a government-owned Russian Development bank, Vnesheconombank

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Tags: Crypto Valley

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