Investments, Offshores, Foreign Trade – Russia Planning for Crypto

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With regulations on the horizon, high-ranking officials in Russia have come up with ideas on how to harness cryptocurrencies when, hopefully, they are finally legalized. The need of finding ways to circumvent sanctions on several fronts seems to be the main incentive for the ingenuity in the corridors of power in Moscow. Also read: Iran Steps Up Plan for National Crypto After US Sanctions Foreign Crypto Capital for Crimea The annexation of Crimea is considered by many in Russia as a PR success for the Kremlin, but the move has also created a lot of headaches both political and financial, home and abroad. The economic integration of the region into the Russian Federation and the diplomatic consequences have come with a hefty price tag. Beside state subsidies, the autonomous republic definitely needs fresh private investments but international sanctions have stood in the way of foreign capital. Now a top parliamentarian says cryptocurrencies would allow investors to put their money in Crimea without fear of being implicated in violating the restrictions. Speaking to a local radio station, and quoted by RIA Novosti, the head of the parliamentary Financial Market Committee, Anatoly Aksakov said: With this tool, when we get permission in the future, we expect to attract those people who are afraid to invest directly in Crimea but through an encrypted scheme will be able to finance projects which promise good returns. Aksakov was talking about the postponed Russian crypto legislation – three bills were voted on first reading in the State…
Source: Investments, Offshores, Foreign Trade – Russia Planning for Crypto

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