Report: Russian deputy offers to build cryptocurrency mining city

MOSCOW, Nov 16 (PRIME) -- A deputy of Russia’s State Duma, the parliament’s lower house, Boris Chernyshov, has offered to create a city in the country to produce cryptocurrencies, news agency RT said on Thursday.

“A mining city will help people earn money, buy flats and other things. It will replenish the country’s budget through taxes. If we build such a settlement on the border, for example, with China, it will spark a huge interest; there will be investments from abroad. It’s a driver, point of growth,” Chernyshov said.

The city should be created in Siberia or in the Far East, in vicinity to one of the biggest hydroelectric power station, he said.

Cryptocurrency mining, which currently lacks legislation, is an important direction of innovative development, and the Russian mining city could evolve into a technological cluster competing with the U.S.’ Silicon Valley.

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