No country can claim to be at the center of the crypto world, though many would like to. Bitcoin, after all, was designed to be a stateless digital currency. Ethereum’s deepest thinkers are a roving band of Airbnb-surfing programmers scattered around the world.
But even if there’s no central hub for crypto development, Russian programmers have an outsize presence in the world of virtual assets. In particular, they are deeply involved in markets for initial coin offerings (ICOs), which allow firms to raise money in exchange for digital tokens. Some optimists in the industry think ICOs could one day challenge venture capital as a means for startups to raise money, but in the meantime they are more like crowdfunding campaigns on steroids, with few rules and a distinct lack of regulatory oversight.
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