Financial center for crypto trading to be formed on the Chinese border, Russia proclaims

• An island named "Bolshoy Ussuriysky" is the prime location for the project.
• Two more administrative districts are designed as hubs of finance by the Government.

The St. Petersburg International Economic Forum which was recently held concluded on June 8. Cryptocurrencies were one of the hot topics among many others, presented in the forum. Leonid Petukhov, the head of the Agency of the Far East for Investments and Exports (IPA), said that the Government is considering over creating a 'financial center' on the Chinese-Russian border. The story was first reported by TASS, Russia's largest news agency.

Located on the Amur River, the Bolshoy Ussuriysky Island is the prime location for the project, Petukhov reported. Located within the city limits of Khabarovsk, the island falls under both Chinese and Russian borders. Thus, Petukhov said, the location is perfect for a financial center and would allow collaboration between the two nations. It would serve as a hub for cryptocurrency trading, crypto-related stock exchanges, and other foreign exchange markets.

Moreover, two other administrative districts are designed as hubs of finance. One such district is located on the Russky Island in Vladivostok; another is located on the Oktyabrsky Island in Kaliningrad. However, the Bolshoy Ussurisky Island would be the first center for cryptocurrency trading. Countries like the Philippines also has its own Cagayan Special Economy Zone which has become a hub for cryptocurrency innovation. The Chinese authorities are yet to comment on the proposal by the Russian Government soon.