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Crimea Plans Cryptocurrency Fund to Circumvent Sanctions, Woo Foreign Investors

Originally published on: CCN
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April 20, 2018

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Crimean authorities want to launch a cryptocurrency fund for foreign investors to circumvent the economic sanctions currently in place against the Russian-occupied territory. Georgy Muradov, the deputy prime minister of Crimea, revealed his plans on April 18.

“We are discussing these schemes to circumvent sanctions,” Muradov told reporters (via Tass). “One way is the creation of a cryptocurrency investment fund in Crimea where we can accumulate cryptocurrency resources, exchange them into cash, and then use them to implement certain investment projects on Crimean land.”

Muradov added (via Arguments of the Week): “Cryptocurrency is a way to avoid settlements in U.S. dollars and euros from currency restrictions.”

crimea deputy prime minister Georgy Muradov
Georgy Muradov, the Crimean deputy prime minister. (screenshot)

Muradov made the remarks one day before the Yalta International Economic Forum. At the conference, Anatoly Aksakov — who heads the Committee on the Financial Market in Russia’s lower legislative chamber —  said cryptocurrency exchanges and ICOs may be allowed on Crimean territory, but mining won’t be permitted due to electricity shortages in the region.

“Mining in the Crimea is an illusion, but 

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