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.
You May Also Like
SEC suggests not to wait for Bitcoin ETF
At the Digital Asset Investment Forum held in Washington on December 5, a representative from the US Securities and Exchange Commission (SEC) recommended not waiting for a decision on the Bitcoin ETF.
New US bill proposes not to consider cryptocurrencies as securities
On December 20, two US congressmen submitted a bill to the House of Representatives, according to which cryptocurrencies would not be considered securities. The "Token Classification Act of 2018" was introduced by Warren Davidson and Darren Soto and calls for excluding digital currencies from the definition of securities by amending the Securities Act of 1933 and the Securities Exchange Act of 1934.
