Russian Farmer Creates His Cryptocurrency To Free Himself From Moscow

Bitcoin

A Russian “agro-anarchist” has created his own cryptocurrency, the kolion, to revive the economy of his small village, Kolionivo. It is used mainly for the purchase of milk, vegetables and tractors.

Each his methods to save rural areas. A Russian farmer, Farmer Mikhail Shlyapnikov, has launched his own cryptocurrency, the kolion, named after his small village southeast of Moscow. According to him, financial independence is the best way to revive Koliovino’s economy, reports the Wall Street Journal.

Russians and foreigners have invested half a million dollars in the kolion. Since its launch last year, it has gradually become a currency of choice in Kolionivo and surrounding cities for the purchase of milk, vegetables and tractors mainly. The “agro-anarchist” would have managed to convince nearly 100 people. He told The Wall Street Journal that he was not making any personal profit.

Mikhail Shlyapnikov Creates His Cryptocurrency To Free Himself From Moscow
Mikhail Shlyapnikov Creates His Cryptocurrency To Free Himself From Moscow

Mikhail Shlyapnikov extended the use of kolion in the local economy through a loan system: he provides an incubator and 50 chicks. They turn into chickens and lay eggs. The person returns half of the eggs to Mikhail Shlyapnikov and can then sell the other half as he sees fit to use it. There is only one condition: transactions must be done in kolions.

Russia wants to launch the “cryptorouble”
“We do not see a lot of rubles here,” Mikhail Shlyapnikov told the American daily. “We have our own country here, our own money, we’re doing pretty well,” he added.

In addition to highlighting the gap between cities and remote rural communities, the creation of this currency is a real issue for Russia. Because the country is wondering whether to adopt or ban cryptocurrencies. The Financial Times reported in early January that Russia was considering launching its own, the “cryptorouble”. Nothing is done yet, but the authorities are keeping a close watch on Farmer Mikhail Shlyapnikov’s experience.

Since its launch, kolion’s value has followed the same roller coaster trajectory as Bitcoin, the world’s first decentralized digital currency.

Jessica Blair

Jessica Blair is the lead editor of Weird News Ledger. Before joining Weird News Ledger, Jessica worked as a national political reporter for Postmedia News. She has covered many political events on and off since 2006, writing for Sun Media, and producing for CTV and for CBC.

Recommended For You

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: