Crimea thinks of establishing cryptocurrency fund to evade sanctions

The Crimean government has suggested setting up a cryptocurrency fund for foreign investors to evade U.S. and European sanctions, Georgy Muradov, Crimea’s permanent representative at the Russian President told journalists.

The government weighs to accumulate foreign cryptocurrency resources at the fund to convert them into cash. The funds will be invested in projects in the territory of the peninsula.

As EADaily reported earlier, Russia has no laws regulating the market of cryptocurrencies so far. In March, a group of Russian parliamentarians headed by Anatoly Aksakov, chairman of the Committee for Financial Market, submitted a bill on digital financial assets to the State Duma.

The bill looks to grant an official status to cryptocurrencies and tokens, defines the difference between them, acknowledges them as property, but not a payment method. The only allowable type of transactions with virtual money is exchange of tokens with rubles or foreign currency.

The project defines the ideas “digital recording” and “digital transaction,” as well as permits mining and validation.