The Russian ruble has been edgy as economic sanctions were imposed on Russia. It’s lost half it’s value since 2014, and Russian crypto-enthusiasts seem to be eager that decentralized cryptocurrencies would assist in reducing their exposure to the larger national financial system.

In the town of Kolionovo are adopting a new crypto-token, the Kolion, seems to be replacing the ruble for the transactions.

Mikhail Shlyapnikov is a banker turned farmer that ran into issues when he tried to take out a loan out for his farm. Banks were charging absurd 12% interest rates for small business loans.

Instead, he opted to create his own currency that was to be used within his local community. He printed paper kolions until they were banned by a Russian court in 2015, later raising around $500,000 in April 2017 to create a crypto-kolion (KLN) via ICO. The emission of tokens was carried out on the WAVES blockchain platform, according to the Kolion whitepaper.

Kolionovo is a town located in the rural settlement Yurtsovskoe of the Egoryevsky district, in the Moscow region of Russia.

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