It was offered to circumvent sanctions using cryptocurrency at Crimean Forum

UFA, 19 April 2019. /Bashinform News Agency/ translated by Tatiana Aksyutina/.

At a plenary session of the Fifth International Economic Forum, it was discussed how the regions could develop in isolation. “There is not much money, and if there were no sanctions, there would be more resources,” the Co-chairman of “Business Russia,” Andrey Nazarov, moderator of the discussion said.

One of the most sensitive sectors suffering from sanctions is financial. As large federal banks do not operate in Crimea, the region is developing through federal targeted programs and private investment.

The Advisor to the President of the Russian Federation on Regional Economic Integration Sergey Glazyev and the Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov, participating in the discussion, said that since banks were subject to sanctions, and therefore their long money was not available, other tools, such as digital money technology, should be used. These are cryptocurrencies and stable coins, that is, assets tied to real values. In particular, according to Sergey Glazyev, this value can be the price of real estate, since there is a high demand for it in Crimea.

At the same time, there is a positive effect from the sanctions - additional opportunities for agriculture have emerged. So, according to Sergey Aksyonov, the head of the Crimea, a revolution occurred in the agriculture of the region. The region is growing three times faster than the national average.

The Acting Head of the Republic of Bashkortostan Radiy Khabirov also spoke about the development of agriculture at the plenary session. He gave an example of the situation in our republic where agriculture had begun to develop more actively, new products started to appear (cheeses, new vegetable crops).

In general, the discussion participants agreed that it was necessary to move away from the policy of sanctions and move towards integration.