Russian authorities plan to create a “crypto valley” in the Far East

The Government of the Russian Federation, together with the Central Bank, is considering a proposal from the Far East Development Fund to create its own “cryptocurrency valley” in the Far Eastern region.

The Russian government pays a lot of attention to the Far East and attracting investment to this territory. The country's security is negatively affected by the fact that the population in the Far East is very low, and in neighboring China the opposite is true. A similar situation occurs in the Kaliningrad region, which borders on densely populated European countries.

Nevertheless, the initiative group is inclined to believe that the incentive for the development of the crypto valley in Vladivostok is precisely the proximity to China, since the Chinese government has tightened cryptocurrency regulation and exchange players from China are moving to the markets of other countries. Thus, the creation of a crypto valley will attract investments from the Middle Kingdom to the Russian economy.

Previously, a proposal was voiced to organize special cryptocurrency trading zones in the Far East and the Kaliningrad region. It was assumed that trading in digital currency would be allowed in these zones, and it would be prohibited in all other regions.