Crimea is getting set to establish an international center for blockchain technology.
According to Crimean Authorities, the blockchain technology is being tipped as a viable solution for countries to evade international sanctions.
Roman Kulachenko, the President of the Crimean Republic Association of Blockchain Technologies Investment told Russian news agency TASS, that the agency has resolved to establish a university or introducr courses to advance knowledge of blockchain technology in the much disputed country between Ukraine and Russia.
He said: “It is proposed to create a university or courses for blockchain specialists, including for the authorities. There are a number of states that, like the Crimea, are under sanctions – for example, South Ossetia and Abkhazia. We have the same problems and center will allow us to combine efforts and solve the problem.”
It would be recalled that a number of countries have opted to using cryptocurrencies as a means to reducing the effect of international sanctions against them. Iran, for example, was most recently dropped from SWIFT’s financial banking system due to US-led sanctions.
However, the Middle Eastern country which depended solely on SWIFT’s system to settle international deals, accelerated the development of their state-backed national digital currency.
Russia, which is also under international sanctions since the annexation of Crimea in 2014, has also been in talks for the creation of crypto ruble in order to evade sanctions.
More so, North Korea has also made the news for ramping up the use of cryptocurrencies to evade US economic sanctions. The pariah country plans to launch its own digital currency to facilitate the opening of online accounts under the guise of a non-adversarial nation. The method would include using anonymous communication to conceal the user’s locations and usage on the internet.
It is expected that the university or courses being proposed by the Crimean blockchain association is likely to be of great dwmand by countries under international sanctions, who may deem it fit to send IT experts to take courses or to the University, to carry out researches.