Russian Village Adopts Its Own Cryptocurrency, The Kolion



Last Updated: June 6, 2018 at 12:18 PM EST

Kolionovo, a small town in Russia, is adopting its own cryptocurrency and phasing out the ruble, after one of its farmers, Mikhail Shlyapnikov, decided to break free from the banking interest system. Leveraging his limitations, he chose to think outside the box to solve the problem of banking interests by issuing his own cryptocurrency named after the village, the Kolion, according to a story published by CNN.

The story of Mikhail Shlyapnikov, a banker turned farmer, started when he was diagnosed with cancer and chose to move into the small village of Kolianov, where he decided to start farming and devote himself to the country life. But the banks tied his dream with high unpayable interests collected for a farming credit on that village. Shlyapnikov decided to bypass the system and started to issue his own paper coin, also called the Kolion. It would not take time to be thwarted down by the government, but this was his first attempt, back in 2015. He declared:

“I DIDN’T WANT TO SUFFOCATE AND BE A SLAVE OF THE BANKS, SO I HAD TO INVENT MY OWN MONEY. AND I DID IT. I’M MY OWN BANK, GOVERNMENT, REGULATOR.”

He then organized and ICO (Initial Coin Offering) to issue his own cryptocurrency. Initial Coin Offerings are endeavor where a people or an institution offers to sell tokens with some particularity of use for an investment; they are very common crowdfunding sources these days. People believed in his project and invested millions of rubles on his ICO. With the money collected, he could issue the Kolion with great success. The Kolyon can be acquired from online exchanges and can also be obtained by lending services to the village farmers.

Now, the Kolion is used by his village and the nearby villages for trading materials and goods between them, making the ruble, the official Russian currency, obsolete. Shlyapnikov proudly declares that fiat currencies like the Euro smells like blood, corruption, disasters, and death; while the Kolion smells like milk and trees.

With the earnings collected from the Kolyon ICO, he managed to get his tree nursery on track without debt and helped the village to buy new tractors to plow the land. A great story that shows the power that cryptocurrencies have to do good in the real world.