Wider Attention for Cryptocurrencies

For various reasons, some important actors in the crypto sphere like China, Russia and the European Union are suspicious of Bitcoin and cryptocurrencies in general.

A Chinese entrepreneur told Russian media not long ago that China won’t allow any cryptocurrency than a digital Yuan. It is China’s belief that for the crypto market to function properly there has to be a balance between the decentralized nature of blockchain technologies and a centralized clearing platform.

Huan Zhang told Sputnik that, “China treats the blockchain in a positive way, but fears cryptocurrencies.” She also said during an economic forum in Yalta that “The central bank is working on its own digital coin, cryptoyuan, and authorities won’t allow any other cryptocurrency in the country.”

Also, the Russian Central bank is on alert when it comes to decentralized cryptocurrencies. More often, representatives of the bank speak out against their uncontrolled circulation and free exchange.

Some Russian officials are quite alright with the idea of a cryptoruble. These include officials of the Central Bank of Russia (CBR). But for many other Russian regions, having a centralized crypto as a state-issued alternative is definitely not good enough. Kaliningrad, the western exclave and Vladivostok, the far-eastern Russian city have agreed to earmark offshore zones for businesses working with decentralized cryptocurrencies.

Since Crimea, the autonomous republic which hosted the Yalta forum joined the Russian Federation, it has been facing sanctions. According to local officials, a strong and vivid crypto sector might be able to help the region overcome international isolation and develop economically.

The Crimean region has recently sought permission to create a crypto offshore zone, a crypto exchange, crypto clusters and also its own crypto. The Russian cryptocurrency and blockchain association is working on a plan that will gather all the different proposals made in The “Crrypto-Crimea” plan.