Just In: Russia Considers Crypto To Bypass US Sanctions

Russian news agency, TASS, reports that Russian President Vladimir Putin’s advisor has suggested the state of Crimea adopt a digital currency to attract investors.

Sergey Glazyev, the advisor on regional economic integration, was speaking at the Yalta International Economic Forum (YIEF) and proposed that the nation adopt the new technology with the goal of eliminating cross-border barriers,

[It is necessary] to introduce digital money technologies. This will sharply reduce cross-border barriers. Foreign investors cannot come because they are afraid of sanctions, sanctions are mainly implemented through banks.

The official said that the economy’s volume would more than double in about 10 years. Referencing stablecoins, Galzyev said that a cryptocurrency would bypass sanctions – which Russia has been subject to severely in recent times – and suggested an idea,

Considering the huge demand for housing and sanatorium construction in the long term, we need to produce a stable digital unit, say, tied to a square meter. After conducting the placement procedures such tokens, raise money in Russia and in the world for investment in large-scale sanatorium-resort educational construction.

While the United States isn’t mentioned by name, it has imposed several sanctions on the nation in recent times, and Russia has mentioned in the past how cryptocurrencies could bypass economic sanctions imposed by other nations.

Russian Growing Keen on Cryptocurrencies

Russia has lately been making an effort to regulate blockchain technology, with Putin ordering the Russian Duma to form regulation by a strict deadline of July 1. Lawmakers have also said that Russia will launch a cryptocurrency backed by oil. Russia’s largest social network, VK, is also considering implementing cryptocurrencies.