The unrecognized breakaway republic of Abkhazia is issuing its own cryptocurrency and could “abandon normal money in several years.”
The little-known country, formerly part of Soviet Georgia before a bloody independence war in the 1990s, is still not considered real by the international community.
With the help of Blockchain and continuing support from Russia, however, Abkhazia’s economy minister Adgur Ardzinba confirmed the ambitious plans at a Moscow conference last week.
Abkhazia, which relies heavily on Russian funding, is looking to use Abkhazian Republic Coin (ARC) to aid investment, and offer transparent municipal financial operations.
The cost, according to a presentation in Moscow, is around $1 bln, local news outlet Meduza reports.
“This is a serious project which can completely change [local] industry,” conference organizer Evgeniy Galiakhmetov told the audience.
“You really will be able to participate in the growth of the country. Build infrastructure projects, accept and pay for products and services with the help of cryptocurrency.”
Cointelegraph previously reported on plans by fellow unrecognized Moscow-centric republic Transnistria to develop a Bitcoin mining presence with similar financial aid.
Breakaway authorities in Eastern Ukraine are similarly aiming to utilize Blockchain at government level, to circumvent both bureaucracy and international pressure.
Dedicated events such as a Blockchain conference were designed to raise awareness among local and Russian authorities.