Bitcoin and Blockchain to Be Used for Bypassing Economic Sanctions in Donetsk

News and Analysis

International organization called DAO Donbass is about to launch operations in Ukrainian city of Donetsk, which currently is uncontrolled by Ukraine’s government. The company’s plans suggest using bitcoin and blockchain to bypass economic sanctions imposed due to the ongoing warfare in the region.

August 4, the city of Donetsk hosted a press conference titled “Cryptocurrency and Blockchain Technologies: A Tool for Economic Development”. Creation of decentralized autonomous organization Donbass has been initiated over the course of the event. The organization will be focused on implementing and developing blockchain technologies and cryptocurrency in the region. According to the organizers, the conference managed to draw attention from local authorities and media, as well as from local entrepreneurs.

Participating in the discussion of innovative technologies were representatives of the self-proclaimed republic’s government, including local ministry for education and science, ministry for information, ministry of communications, central bank, and other structures. Authorities of the breakaway region consider using crypto-technologies in public services.

Representatives for DAO Donbass spoke before the attendees. The same experts have also joined the Russian parliament’s working group on assessing cryptocurrency risks. The company’s top management proposed to use bitcoin and blockchain as means to bypass economic sanctions in the region. The company also proposed the breakaway region’s government a few out-of-the-box solutions to put a lid on the regional economic crisis.

They have stated that some international companies experienced in such projects will be involved in the effort, yet kept their names undisclosed.

The company’s developers have announced that it may attract major investment from around the world. Implementation of the system may indeed bring back international remittances to the region, which is currently cut off payments services as the warfare remains unresolved.

DISCLAIMER: ForkLog is focused on prompt and objective coverage of events in the crypto-industry all over the world, regardless of local political developments.

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