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Russia’s richest businessmen are investing in Cryptocurrencies

Russia’s richest businessmen are investing in Cryptocurrencies

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Three of Russia’s richest businessmen are reportedly pumping funds into cryptocurrencies.

In brief:

Russia’s richest businessmen including Roman Abramovich are investing in virtual currencies via a European fund.

Three of Russia’s richest businessmen are reportedly pumping funds into cryptocurrencies. Russian billionaires Roman Abramovich, Aleksandr Frolov and Aleksandr Abramov are investing large sums of money in cryptocurrencies via a European fund called Blackmoon Crypto.

The new project intends to “create and maintain the world’s best framework for tokenized funds” and is a subsidiary of Blackmoon Financial.

Moreover, a local news outlet, The Bell reports that another Russian billionaire Roman Trotsenko is planning to setup a platform for exchanging cryptocurrencies and helping companies to launch ICOs. He claimed that there is a demand for a platform for investing in cryptocurrencies.

“We had an interest in investing only in Bitcoin and we’re developing the infrastructure; we’re not going to move passengers, but rather service them on the ground,” Trotsenko told the publication.

Since there is lack of clarity over the status of virtual currencies in Russia, Trotsenko’s projected cryptocurrency platform faces the risk of uncertain future before it has even started its operation. The Russian government has a confusing stance on how it will handle the virtual currencies with Communications Minister Nikolay Nikiforov last week claiming that the country would “never” legalize cryptocurrencies. However, the government is expected to frame official regulations on cryptocurrency mining and initial coin offerings (ICO) by mid 2018.

Trotsenko claims that in September he already raised the issue of regulating and legalizing the cryptocurrency market with Russian President Vladimir Putin. Despite having what he describes as a fully functional platform, Trotsenko is awaiting further developments before launching his platform.

The Russian central bank’s digital currency CryptoRuble, which it unveiled earlier this month, aims to be the sole instrument available on the Russian market and will enjoy regulatory freedoms in return for strict state control. In 2016, revenues from Russian ICOs have totaled more than $300 million.

 

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