The Chechen Republic can become a convenient platform for carrying out of experiment on introduction of the blockchain and other elements of kryptonyte. This was stated by the assistant to the first Deputy head of administration and head of the regional government Rashid Abayev:

“In April this year, the Central Bank of Russia has launched a “regulatory box”, which is a special legal regime that allows any companies to test innovative financial instruments without fear of violation of the legislation of Russia. In these circumstances, Chechnya, as a subject with a low level of institutional development of the economy, could become a convenient platform for the experiment at the wide introduction of the blockchain and other elements of kryptonyte. The translation of the Republic into the sphere of the digital economy has helped to attract assets, working in the field of digital economy that would help to develop economic institutions and enhance its financial independence.”

Recall that the first two pilot projects blockchain technology in the field of municipal services and utilities previously implemented and already operating in the capital of the Republic.

Projects were launched jointly with the Center for blockchain-skills and digital transformation of Vnesheconombank are intended to increase the transparency of accrual and write-off of circuit boards, housing, fixation of contractual obligations and save up to 20% of the budget for the administration of housing and municipal areas.

In February of this year, the head of Chechnya Ramzan Kadyrov announced the intention to introduce in the Republic of blockchain technology and bitcoin to buy to follow the development of cryptocurrency.