Russia Considers Creating a Crypto Financial Center on the Chinese Border
According to the head of the Agency of the Far East for Investments and Exports (IPA), Leonid Petukhov, there has been a proposal considered about an offshore financial center on Bolshoy Ussuriysky Island. The island is located between the borders of China and Russia which would be a good location for cryptocurrency trading hub, as well as other financial operations.
This information is coming from the recently-held St. Petersburg International Economic Forum concluded on June 8 where among other topics, cryptocurrencies were hot on the agenda.
Currently, Russia boasts two other administrative districts designed as hubs of finance. One such district is located on the Russky Island in Vladivostok; another is located on the Oktyabrsky Island in Kaliningrad. Residents of these areas are fully exempt from income tax when it comes to dividends and profits from shares of foreign companies. However, no such center currently exists for cryptocurrency trading which makes the proposal on Bolshoy Ussurisky Island to be the first. (Positive)
Multiple Sources are Expecting Facebook to Launch its Stablecoin in June
Previously, rumors had suggested it would be 2020 before Facebook made a commitment to bring its product.
“It’s currently scheduled for a June 18th release of a white paper explaining its cryptocurrency’s basics,” TechCrunch states.
That date had also come from Laura McCracken, Facebook’s Head of Financial Services & Payment Partnerships for Northern Europe, who said in an interview this week that the stablecoin would not only involve a U.S. dollar peg. “The value of Facebook Coin will be secured with a basket of fiat currencies.”
Facebook has caused an industry re-thinking with its noises about entry into the payments sector. It is not just the social media platform, but sister companies WhatsApp and Instagram would also participate, executives stated. (Neutral)
Russian Region to Launch Blockchain-Enabled Tourism Platform
The Khanty-Mansi Autonomous Okrug – Yugra, a federal subject of Russia, will launch a blockchain-enabled tourism platform.
The general director of the region’s development fund, Roman Genkel, during the St. Petersburg International Economic Forum this week, signed an agreement with Alexander Borodich, the CEO of blockchain startup Universa, to launch the platform.
According to a blog post from Universa, the system will enable tracking public spending and investment to ensure transparency,
“Tagging the money using distributed ledger technology will protect government grants and investments against misuse.”
The firm will also reportedly develop the platform with the overall goal of connecting all participants in the tourism ecosystem — suppliers of tourist products and services, transportation, accommodation and catering providers, investors and tourists themselves. (Positive)