Crimea Considers Blockchain Center for Anonymous Foreign Investments to Avoid Sanctions

Crimean authorities are considering creating a blockchain-cluster that would support investment platforms allowing foreign investors to work in sanctioned countries anonymously, major state-operated Russian news agency TASS reported Nov. 16.

Previously this week, the Permanent Representative of the Republic of Crimea under the President of the Russian Federation, Georgy Muradov, had already revealed the Crimean government’s potential plans to create a separate blockchain-cluster in the region for venture capitalists funds.

Today, Roman Kulachenko, the President of the Crimean Republican Association of Blockchain Technologies Investment, said that a new international education center for working with blockchain technologies as a way of avoiding sanctions might be opened on the Crimean peninsula.

According to Kulachenko, this educational center would allow for the training of specialists from different countries under sanctions in blockchain technology. He added:

"There are a number of states that, like the Crimea, that are under sanctions — for example, South Ossetia and Abkhazia. We have the same problems. And the center will allow us to combine efforts and solve the problem."

Back in September, North Korea was reported as using cryptocurrencies to avoid sanctions imposed by the U.S., despite current restrictions imposed on fiat assets, Cointelegraph reported Sep. 26.