Own blockchain in Abkhazia may appear in 2023 – negotiations are underway with Russia

The authorities of Abkhazia and the leadership of the Russian Association of the Cryptoindustry and Blockchain (RACIB) are negotiating the creation of an IT cluster in the republic for the development of digital solutions, said the executive director of the association Alexander Brazhnikov.

Abkhazia plans to build a blockchain system for creating stablecoins and making cross-border payments, lead Brazhnikov’s words “Vedomosti”. It is possible to adopt legislation for the construction of such a system in Abkhazia faster than in Russia, he explained.

“Abkhazia, for example, can become a guarantor of stablecoins and turn into a digital mini-Switzerland for Russia and its friendly countries,” Brazhnikov said.

The Russians will also be able to use the solutions that have appeared after that. Now the parties concerned are discussing joint projects for the digitalization of the republic through the development of RACIB member companies. It is planned to create educational courses on programming and training of engineering personnel in the cluster.

Brazhnikov admitted that his own blockchain in Abkhazia could appear as early as 2023. According to him, the authorities of Abkhazia are already discussing the mechanisms for adopting the necessary laws.

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