Electronic auctions for leases of state farmland are doubling rents

Electronic auctions for leases of state farmland are doubling rents, reports Maxim Martynyuk, the new Agriculture Minister. Since October, the government has auctioned land lease rights through two electronic platforms – SETAM and ProZorro.Sales. As of Wednesday, 25 land plot leases had been auctioned in the pilot program, which uses Blockchain technology. Average annual rents rose from 8% of land valuations to 18%, the Minister said. All money goes to the local governments.