It was recently remoted that the government of Crimea is looking at the possibility of establishing a cryptocurrency fund tailored specifically for foreign investors. This plan is an attempt to avoid foreign sanctions by the Crimean government.
Cryptocurrency assets to help avoid government sanctions.
According to Georgy Muradov, the Crimean Deputy Prime Minister, Crimea has been evaluating a few ways through which they could bypass government imposed sanctions in order to realize various investment projects within Crimea. The plan is to create a nationwide crypto investment fund, which will then be utilized for the purpose of accumulating digital assets.
Accumulated cryptocurrencies will then be transferred into regular fiat currencies and utilized for internal Crimean investment projects. A great deal of focus will be placed on this plan during the upcoming Yalta International Economic Forum, during which direct foreign investments pertaining to Crimea are expected to be stressed. Georgy Muradov highlighted that the nation plans on drafting at least ten investment agreements with foreign organizations and Crimea.
Crimea and Russia, freedom through crypto.
It’s worth mentioning that the main topic of the Yalta Economic Forum will be – “The future of the world. The future of Russia”. Now, back in 2014, Crimean government officials held a referendum regarding the nation joining back with Russia. Well, on the 18th of March, 2014, Putin signed the treaty, which effectively designated Crimea as a part of the Russian Federation.
Now, at the time, there was, and still is a heated conflict going on in terms of Russia and the Ukraine on the global stage, the sanctions stem from this.
However, and thankfully, cryptocurrencies and digital assets are borderless, immutable, and for the most part, depending on which one is used – transparent. What this means is that they allow nations, which fall under sanctions and other restrictions to effectively bypass them, due to the independent nature of cryptocurrencies and their ultimate purpose. Which is to execute day to day financial operations without the need to rely on or be restricted by a third party.