Russia is one of the most important crypto markets in the world and has been quite a favorable country. And as per recent reports, the country will set up a financial center for cryptocurrency trading. According to Leonid Petukhov, the head of the agency of the Far East for Investments and Exports (IPA), Russia is expected to set up the center in the Bolshoy Ussuriysky Island, which is situated on the country’s border connected to China.
Along with crypto trading, the island will also be a hub for other financial activities in the country. The announcement was made at the recently concluded St. Petersburg International Economic Forum (SPIEF), where Petukhov stated the Government was considering to build a hub for crypto trading and other financial activities on the Russian-Chinese border. He said,
We want to make a big financial center there. Figuratively speaking, cryptocurrency, crypto-stock exchange, forest trade stock exchange – in a good way, domestic offshore. What they did in Kaliningrad.
The SPIEF was conducted on June 6, 7, 8 and was called on the motto of “Forming the agenda of sustainable development”. Russia has seen major crypto reforms in the last couple of years, and the new financial hub for crypto could be the crown jewel of the Russian crypto market.
Vladimir Putin, Russia’s President, has been a strong supporter of cryptocurrencies. Major companies in the country are getting more and more engaged in crypto trade. Russia’s social media giant VKontakte is expected to launch its own cryptocurrency. In fact, the Russian government itself will be launching the country’s native digital coin in the second half of 2019.
Apart from this, there are several crypto companies, which are setting up their bases in Russia. A few weeks ago, it was reported that CryptoUniverse was constructing a 3,000sqmt large crypto mining farm, which is worth over $7.3 million. Therefore, it doesn’t come as a surprise that the government is planning to build a hub for crypto trade, and Russia may well be the global destination for crypto companies.
That could be a cause of concern for Washington, as Russia is planning a transfer from the US Dollar to cryptocurrencies for international trade. And looking at the hostile position the US is moving forward to, this could be Russia’s biggest chance to unite all the pro-crypto forces in the world to set up their bases in the country.