Is Russia becoming a cryptocurrency haven?

Farmer Mikhail Shlyapnikov says creating his own virtual currency allowed him to raise almost $2 million in two months. The currency, the kolion, is named after the Moscow region village of Kolionovo, where Shlyapnikov lives. During its April launch period, investors from around the world bought $500,000 worth of the currency. Since trading began at the beginning of May, one kolionhas almost doubled in price to be worth just under $2.

Shlyapnikov says that buyers of his agricultural produce are now looking to acquire kolions—gambling the currency will continue to strengthen.

“I have a new instrument,” he says. “It’s like getting a tractor.”