1 of the very first foreign cryptocurrency firms to take advantage of a Russian cost-free trade zone is based in Hong Kong. Among other ventures, the company plans to create a cryptocurrency mining farm, a crypto museum, and give instruction on a Russian island.
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A Hong Kong-primarily based business named Genesis Engineering is preparing to set up a cryptocurrency mining farm and an artificial intelligence laboratory on Russia’s Russky Island, RTreported on Thursday. The island is positioned off the coast of the Russian Far East city of Vladivostok.
Genesis Engineering is a joint venture among Btc Inc and Genesis Mining, designed earlier this month. “The venture will concentrate on improvement in regions about the globe that have excess energy capacity, such as the Americas and Eurasia,” the businesses described.
According to the Ministry for Improvement of Russian Far East, as reported by RT:
The organization is interested in the region’s free of charge plots of land and power facilities, as properly as preferential tax and customs duties. It plans to set up around 300 thousand square meters of production facilities, following a pilot project.
The firm also plans to create education applications. “We propose to produce a showroom, a museum of cryptocurrencies and blockchain…We are prepared to finance this project,” Genesis Engineering representative John Riggins explained. “Moreover, we are prepared to pay for the training of the greatest students, to participate and to fund university studies in this region.”
In addition, the business is also interested in creating an artificial intelligence laboratory because it has “created similar labs together with the Moscow State University and the National University of Science and Technologies MISIS,” the news outlet added.
Vladivostok is the biggest city and the capital of Primorsky Krai, the largest federal subject in the Far East in terms of economic size and population. It has recently been chosen as the pilot city for establishing two cryptocurrency agencies in Russia. At the end of October, news.Bitcoin.com reported on the formation of Vladivostok’s crypto-detective agency and crypto-advisory agency.
“The totally free trade zone of Vladivostok covers Russky Island, so the tax preferences and the possibility of applying for a free customs zone are available to investors,” RT detailed. “Russia’s Far East regions and the city of Vladivostok are anticipated to turn into an Asian hub for trade and transportation.”
Valentina Lokhmanova, Deputy Director for Investments of the Far Eastern Power Management Business, mentioned:
The island’s territory has the potential for each electric and thermal power, which is sufficient to provide the consumer with power for the 1st stage.
Last week, State Duma deputy Boris Chernyshov sent a proposal to the Ministry of Sector and Communications and the Ministry of Communications with an initiative to construct a mining city in Russia. He envisioned the city fully engaged in cryptocurrency mining close to a massive hydroelectric power station in either Siberia or the Far East, Ria Novosti reported.
Alexander Abramov, director of the Far Eastern Center for Financial Development, supports the notion of building mining farms in his region, the publication noted. He described Vladivostok as a city exactly where a significant portion of the business is concentrated in the service sector, such as trade, logistics, and actual estate. “These services can move into the field of blockchain technologies,” he noted, citing that many nations in North-East Asia are actively making use of cryptocurrencies and blockchain technologies. “We want to be in the trend if we want to work with big economies,” he concluded.
Do you consider Russky Island or Vladivostok is a very good place for mining farms? Do you think much more international miners will set up operations there? Let us know in the comments section beneath.
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Published at Fri, 24 Nov 2017 12:00:05 +0000