Categories: BusinessWorld
| On 2 months ago

Ukraine Plans to Adopt Cryptocurrencies by 2024

By Aswin Kumar

Government and business representatives have laid their plans to transform Ukraine into a cryptocurrency-oriented country and want to see half of the Ukrainians using digital currency by 2024.

Eastern Europe nations are expected to act as a regulator for cryptocurrency space in Ukraine.

As a country where cryptocurrencies have enjoyed growing popularity, Ukraine’s Ministry of Digital Transformation, other government institutions, and representatives of the private sector developed their strategy to develops the country’s virtual asset space within the next three years, Forklog reported.

The first reading in the Ukrainian parliament in December has voted for a draft law “On Virtual Assets”. The bill which aims to regulate cryptocurrency transactions in the country has been revised and in June the parliamentary Committee on Digital Transformation recommended its final adoption.

Ukrainian lawmakers will put crypto under taxation and pass an anti-money laundering (AML) policy for cryptocurrency exchanges and their users and the strategy makers plan the laws to be effective by the end of this year.

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According to Forklog’s report, the roadmap includes,

  • development of terminology and by-laws;
  • promotion of tokenization of real assets;
  • creation of educational materials at the basic, higher and industry levels;
  • launching a pilot fiat-crypt gateway and organizing the purchase of bread for tokens;
  • creation of a sandbox for projects of the ecosystem of virtual assets and others.

and with the successful implementation of the roadman, the authors expect, 47% of Ukrainians using digital currency, at least 10% of businesses tokenize assets or use them in their activities, educational institutions will launch a master’s program in decentralized finance.

“The ecosystem of virtual assets requires rules that strike a balance between freedom and security. Only in this case, the sphere of virtual assets will bring positive changes for the economy, society, and every individual citizen, ”the authors of the strategy said.

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Aswin Kumar

A creative science nerd! Buy me a coffee: buymeacoffee.com/aswinkumar

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