"Crypto-currency will help to avoid these sanctions" stated Oleg Nikolayev, head of the Development Corporation of Sevastopol, while speaking at a governmental meeting in Crimea's largest city, Wednesday, with the participation of Presidential Internet adviser German Klimenko.

Seven projects aimed at the introduction of crypto-currency on the peninsula were also discussed, including a suggestion to create a 'crypto-valley' in the city of Inkerman.

Nikolayev stressed that crypto-currencies are "very relevant in Crimea and Sevastopol because today we are facing investment problems because of the sanctions."

The Development Corporation of Sevastopol is the investment office of the Sevastopol Government, its main purpose is to attract business to the peninsula.