Abkhazia announces ICO to fund first state-run cryptocurrency

Abkhazia announces ICO to fund first state-run cryptocurrency

The Autonomous Republic of Abkhazia has announced a plan to raise a billion dollars worth of cryptocurrency via an ICO. The breakaway state has long vied for international legitimacy and has struggled to attract investment to fund its internal development projects — a situation it hopes to turn around by creating a state-sponsored cryptocurrency. At a conference in Moscow last week, Abkhazian government officials Adgur Ardzinba and Evgeny Galiakhmetov stated that the fledgling country would soon begin selling Abkhazian Republic Coins (ARC). They said the cryptocurrency (limited to 8 billion coins) would be open to foreign investment and that […]