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Crimea to Establish International Training Center for Sanctioned Countries

The Crimean Republican Association of Blockchain Investment Technologies (Krabit) is planning to establish an international training center. At the training center, students from the territories and countries which are currently subjected to political and economic sanctions imposed by western countries will get the training. The main focus of this course is to use advanced technologies related to crypto space to attract foreign investment to these jurisdictions.

The educational course could become part of the university curriculum. The president of Krabit, Roman Kulachenko said that countries around the world could take advantage of digital currencies to evade sanctions. He further added other than Crimea, Abkhazia and South Ossetia are two other pro-Russian republics which are facing similar sanctions. Roman Kulachenko strongly believes that the international training center will help the countries to overcome some of the economic and political sanctions related challenges. Other affected countries such as Iran are also looking for support from Russia to develop their crypto industry. Recently, Iran partnered with Russia to develop its own crypto economy. The United States imposed more stringent sanctions on Iran and to cope with these sanctions Iran is planning to develop its own cryptocurrency. The national cryptocurrency of Iran will be backed by the fiat currency Rial.

Also read: Binance and Bittrex Cut Ties With Iran

The Federal City of Sevastopol and Crimea are the part of Russian Federation. The economic sanctions on the territory curbed foreign investment. The territory has made numerous plans using cryptocurrencies to circumvent these economic sanctions. Recently, Georgiy Muradov, the permanent representative of the Republic of Crimea in Kremlin said that a cryptocurrency fund and blockchain cluster could be established in the Crimean special economic zone to attract investors. The territory is also planning to set up an assembling facility for mining equipment. According to Kulachenko, blockchain technology and digital currencies can be used to create platforms which will allow the investors to anonymously operate in the jurisdiction. However, he believes that there should be a proper regulatory framework for digital currencies, blockchain technology, and smart contracts in the territory.