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.
Electronic auctions for leases of state farmland are doubling rents
