Abkhazia informs that the ICO will fund the creation of the first crypto-currency supported by the State

The Republic of Abkhazia has announced the collection of a billion dollars through an ICO. The country has long sought international legitimacy and has struggled to attract investors to finance its development projects. A situation he hopes to change by creating a crypto-currency supported by the State.

During a press conference in Moscow last week, officials of the government of abkhazia, Adgur Ardzinba and Evgny Galiakhmetov said that the country would soon start selling their own digital currency. They indicated that this crypto-currency will eventually become the only legal currency in the country. The government is also planning to reduce the taxes of companies specialized in the trade of crypto-currencies.

A country that is a part of the USSR

Although Abkhazia had an ethnic identity unique that goes back centuries, it was part of the USSR until the fall of the regime. Then, it became a region of the state of Georgia’s breakaway in 1991. The following year, the Abkhazians, they declared their independence.

Currently, the country is backed by Russia. Thus, the Russian government still has influence on the decisions taken by the country. Ardzinba explained that this initiative will be launched later this year. The government will therefore introduce this new crypto-currency in the economy of the country by the spring of 2018.

The introduction of a new form of currency

While the country currently uses a mixture of Russian rubles and hryvnia Georgian, Galiakhmetov said that Abkhazia will abandon completely the other forms of currency and have an economy based entirely on this new crypto-currency.

Wikimedia Commons

Ardzinba said that during his visit to Moscow, the president of abkhazia, Raul Khajimba, had met with Vladimir Putin. They have discussed the implementation of this new virtual currency. According to the media Meduza, the Russian president would have approved of the plans of Khajimba.

Source : BraveNewCoin