In a small village outside Moscow, a cryptocurrency revolution is underway. Farmers and small businesses around Kolionovo, 80 miles from the capital, are ditching the Ruble and switching to a cryptocurrency, the Kolion, to pay for local trade.’
Kolion Rapidly Replacing Ruble In Villages
The last few years have been quite tough for the Russian economy with the imposition of economic sanctions by the United States. As a result, its currency the Ruble (RUB=X) has lost half its value since 2014. The country banned the use of Bitcoin (BTC-USD) a few years ago. However, now the farmers in the village of Kolionovo have found a way to reduce their exposure to the depleting national financial system on a broader level.
The farmers from the town of Kolionovo have started adopting a new crypto-token called Kolion which has almost completely replaced the Ruble for transactions. Farmers in this village that is located around 80 miles from Russia’s capital Moscow in the rural settlement of Yurtsovskoe of the Egoryevsky district has started using the local cryptocurrency to pay for local trade.
For that, he printed Kolions on paper. But they were banned in 2015 by the Russian court. Later on, in April 2017, he used the printed Kolions to raise $500,000 to create a crypto-kolion (KLN) through an initial coin offering. The tokens were issued through the WAVES blockchain platform. The banker has managed to convince most of the local farmers and suppliers from his town and surrounding villages to use Kolion.
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