A few years ago, many countries like France and Great Britain expressed their desire to become “crypto-nations”, but we have to recognize that, at least for the time being, they have not followed through. Ukraine, however is leading the world in terms of highest percentage of crypto-holders and could indeed become the very first “real” crypto nation.
Ukraine: The first European Crypto Nation?
On Wednesday, 8th September 2021, the bill No. 3637 on digital assets was widely adopted by the Ukrainian parliament, with the approval of 267 lawmakers.
Now undersigned by Ukrainian President Volodymyr Zelensky, this law gives full recognition and legalization to crypto-assets and will protect their owners from fraud, just like any other asset.
Ukrainians can now officially and legally buy/sell cryptocurrencies, using exchange platforms, both local and foreign (as long as they are registered in Ukraine).
In the same perspective, on Tuesday, December 14, Stellar announced a major partnership with one of the oldest Ukrainian banks, TascomBank. This partnership is part of a pilot project to issue a digital currency based on the local currency, the hryvnia.
Concretely, the Central Bank as well as the Ukrainian Ministry of Digital Transformation will oversee the project, which demonstrates Ukraine’s rising interest in a national cryptocurrency. Additionally, the 2 entities want to trial MNBC in the payment of Diia’s employee wages. The project is expected to be launched in early 2022 and many are already anticipating big changes to the current system.
CONCLUSION: Backed by a crypto-friendly government and President (the latter even approached Silicon Valley proclaiming the fact that he wanted to make Ukraine a hub for cryptos) Ukraine could very well be on it’s way to becoming Europe’s major crypto nation.