Digital Currency in Crimea Proposed to President of Russia

Russian president's advisor suggested adopting digital currency at Crimea to attract investors and avoid sanctions, the local TASS news agency reported on April 19th.

Sergey Glazyev, Russian President Vladimir Putin's advisor on regional economic integration, urged the government to adopt "digital currency technology" to reduce "cross-border obstacles," an official at the International Economic Forum in Jalti said.

According to Mr. Glazy, the adoption of digital currencies will "significantly reduce cross-border barriers" and will attract foreign investors "who are afraid of sanctions," which are "usually carried out through banks."

The official said that digital currency, such as stable coins, linked to gold or other material assets, can "cross the border and can not be prevented by sanctions."

Mr. Glaziz further proposed the creation of a "stable digital chips," whose cost per square meter in the Crimea was to raise funds for the construction of large spas.

According to TASS, the Crimea has become the largest region in Russia in terms of the share of investment in the gross regional product (GDP).

In his recent speech, Glaziz reiterated his positive stance on blockchain technology. In 2018 he stressed the unlimited nature of digital money, pointing out that he is not subject to unforeseen sanctions and can reduce political risks.

Recently, the Russian central bank assessed the potential advantages and disadvantages of the CBDC, pointing to a major drawback to CBDC users, namely the lack of anonymity.

Meanwhile, Russia has not yet imposed regulations concerning the cryptographic industry. The State Duma, the Russian parliament, recently postponed consideration of the bill on digital financial assets. Russian President Putin previously set up the government industry by July 1, 2019.


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