Ukraine will become the world’s best jurisdiction for crypto assets, the minister overseeing the country’s digital transformation promised. Speaking with media at the World Economic Forum in Davos, Mykhailo Fedorov praised the support from the crypto community for his war-struck nation.
Crypto Donations Have Been Critically Helpful to Ukraine Amid Invasion, Fedorov Says
During the early stages of Russia’s military invasion, donations through cryptocurrency were “ critically helpful to Ukraine, ” the country’s Vice Prime Minister and Minister of Digital Transformation Mykhailo Fedorov told reporters.
During a press conference at the sidelines of the World Economic Forum( WEF), Fedorov explained that with currency restrictions imposed with martial law, Ukraine was nevertheless able to snappily buy everything it required for its armed forces, thanks to the support of the global crypto community.
The high-ranking representative also emphasized that the government is developing the necessary legal frame with a comprehensive approach to the full legalization of cryptocurrencies. A law “ On Virtual Assets ” was passed by the Verkhovna Rada, the Ukrainian parliament, in mid-February.
For this legislation to come into full force, amendments to the Tax Code are also required. Once they're adopted, Ukraine will have the most stylish crypto governance in the world, Fedorov insisted, further pointing out :
Ukraine is a candidate for EU membership. We have to harmonize with European law, taking into account the practices and recommendations of the IMF and the World Bank.
Minister Wants to Be Paid in Ukraine’s Digital Currency, E-hryvnia
The Ukrainian official also marked the progress toward issuing a Ukrainian central bank digital currency(CBDC). “ Two weeks ago, I saw a pilot of an electronic hryvnia, ” he said, referring to the project which is being realized in cooperation with Stellar and a private bank.
The National Bank of Ukraine( NBU) intends to propose 2024 legislation dedicated to the preface of the CBDC, Mykhailo Fedorov revealed. “ I plan to become its first test user and receive my salary in-hryvnia, ” he stated.
Despite the raging conflict with Russia, the authorities in Kyiv have a “ very ambitious plan ” to make Ukraine the most digitalized country in the next two years. “ Digitalization is going to be the foundation for rebuilding. We're doing these reforms during the war, ” Fedorov explain
The vice prime minister also highlighted the support his nation is getting on the road to digitalization, in terms of resources and experience from G7 countries like the United States and Japan. He further called for the continuation of tech sanctions against Russia, which he said is still buying factors using virtual assets and interposers.
(Lubomir Tassev, Bitcoin.com, 2023)