Russia’s crypto courtship heads to an offshore center for cryptos, exchanges, and forex markets

  • Russia is contemplating building a large financial center on the island of Bolshoy Ussuriysky.
  • Russias hate-love relationship with cryptocurrencies continues.

Russian has been having a love-hate relationship with cryptocurrencies over the years. The country at time considers banning crypto activities altogether while at some other time, it feels that crypto regulation is the way to go. Particularly today, conflicting news is coming from Russian news outlets. A representative of the State Duma (parliament) said the holding Bitcoin was legal as long as it is bought under foreign law and point of sales while mining cryptocurrencies will attract fines.

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On the other hand a local news outlet, TASS news agency reported that same Russia is contemplating building a large financial center on the island of Bolshoy Ussuriysky. This according to Leonid Petukhov, who heads the Far Eastern Agency for Attracting Investments and Supporting Exports. Petukhov says that the island could be the next home for cryptocurrencies, cryptocurrency exchanges, and forex markets.

This island lies on the border between Russia and China. The western parts of the island were transferred to Beijing after an elongated period of dispute in the 2004 agreement. Petukhov was speaking to TASS at the St. Petersburg International Economic Forum.

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