Foreign investors have an interest in the Crimean blockchain cluster, local official Georgy Muradov told Russian major news agency RIA Novosti on Jan. 2.

Muradov, who is the permanent representative of the Republic of Crimea under the president of the Russian Federation, disclosed that the project is principally of interest to Chinese investors, because the country homes several crypto startups.

The authorities of the heavily sanctioned peninsula have plans to form a crypto investment fund and cryptocurrency exchange, as soon as relevant crypto regulation is provided by the Russian government, Muradov continued .

The official believes the initiatives can facilitate implementing many investment programs in Crimea, whereas cryptocurrencies might facilitate the region to trust less on the dollar and avoid current banking restrictions.

The idea of making a crypto investment fund in Crimea, that has been controlled by Russian government since 2014, 1st emerged in Apr 2018. Back then, the authorities started seeking ways in which to avoid sanctions by using decentralized currencies altogether relations with partners and investors.

In Nov 2018, the plans were confirmed once more, with Muradov clarifying that the peninsula required to ascertain a blockchain cluster.

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

Russia has been troubled to pass a bill on crypto regulation throughout 2018. However, in December, the draft was pushed back to the primary reading stage for important edits — though Russia’s deputy prime minister has denied the necessity for changes.

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