Developments

Russia considers creating a cryptocurrency trading hub near the Chinese border

Leonid Petukhov, head of the Agency of the Far East for exports and investments, has revealed that a proposal is being drafted to create an offshore financial centre on Bolshoy Ussuriysky Island. The island, which is located at the border of Russia and China, would become a cryptocurrency trading hub as well as a centre for other financial operations.

Surprisingly, this comes after St. Petersburg International Economic Forum concluded, among other topics, that cryptocurrencies were a major topic in enabling barrels of oil from Russia to be purchased using virtual currency. Facebook’s Globalcoin came as the best fit.

According to TASS, Russia’s largest news agency, Leonid Petukhov put a proposal forward that the government body was considering creating a cryptocurrency trading hub and a financial centre on the Chinese- Russian border.

Petukhov added that the Bolshoy Ussuriysky Island, located on the Amur River, is a suitable location for such an undertaking. Its located within the city limits of Khabarovsk, the island is between the Russian and Chinese border. As such, it makes it a perfect financial centre in Russia and would allow collaboration between the two countries.

Khabarovsk says that the purpose of the centre would be to serve as a cryptocurrency trading hub and crypto-related stock exchanges.

Russia boasts two administrative districts designed as hubs of finance. One district located at Oktyabrsky in Kaliningrad and the other district located on the Russky Island in Vladivostok. The residents of the areas are fully exempt from income tax when it comes to profits and dividends shares of foreign companies.

This proposal is similar to other such zones in countries such as the Philippines. Philippines Cagayan Special Economic Zone has become a cryptocurrency innovation hub.

Do you think the Chinese authorities will agree to the proposal?

You may also be interested in:

It’s not a crime to own Bitcoin in China but operating a BTC loan scheme is illegal

Russia’s largest bank halts its plans to develop crypto-related services

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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