Russia Considers Building Crypto Valley in Crimea Following Switzerland

Boris Titov, the Russian business-ombudsman, asked colleagues from the Russian government to think about making Crimea the so-called “Russian Crypto Valley”, following the example from the Swiss-based Crypto Valley - an ecosystem in the canton of Zug.

This initiative was talked down during the Russian science-practical forum called “Blockchain: dialog between business and government” on the 13th of April in Moscow.

In his opinion, it might be a tremendous step forward in helping to finance the region, which is isolated from banking services because of sanctions.

Zug’s based Crypto Valley was created because of the lowest in Switzerland tax regulations. Also, local authorities decided to accept Bitcoins as a payment for city services.

Ethereum Organization’s headquarters situated in Zug. There are also some other Blockchain companies which have offices in Zug’s territory.

Earlier, a member of the security and anti-corruption committee of the Russian State Parliament Andrey Lugovoy said, that the law which will identify the status of cryptocurrencies in Russia will likely be initiated in 2017.