During a statement at the World Economic Forum in Davos, Switzerland, Ukrainian vice prime minister Mykhailo Fedorov expressed his hopes for the nation’s crypto sector. Fedorov is confident Ukraine could soon lead other countries in effective crypto jurisdiction. Although still in the pilot phase, Fedorov intends to be the first to test the country’s forthcoming […]
During a statement at the World Economic Forum in Davos, Switzerland, Ukrainian vice prime minister Mykhailo Fedorov expressed his hopes for the nation’s crypto sector. Fedorov is confident Ukraine could soon lead other countries in effective crypto jurisdiction. Although still in the pilot phase, Fedorov intends to be the first to test the country’s forthcoming CBDC, the e-hryvnia.
Fedorov Acknowledges Ukraine’s Wartime Fundraise
As of June last year, Ukraine had netted more than $500 million in donations. Crypto funds made more than 30% of the donations. The huge crypto involvement saw the country even turn to sales of NFTs to raise funds for the military. According to Fedorov, the country’s interest in crypto is just starting. According to Fedorov, with new legislation on the way, Ukraine has a shot at becoming the “world’s leading jurisdiction” for virtual assets.
Notably, the Ukrainian deputy prime minister is also the nation’s Minister for Digital Transformation. Fedorov has been a constant presence in the country’s renewed interest in virtual assets.
In 2022 President Volodymyr Zelensky signed off on a law legalizing cryptocurrencies. The Ministry of Digital Information tweeted then that the legislation was a major step towards building a virtual asset market in Ukraine. This came on the heels of Ukraine’s conflict with Russia after the nation was able to raise crypto donations for its armed forces.
Fedorov commented on the fundraiser which notably netted the nation about $178M.
Owing to the support of the world crypto community, we’ve managed to facilitate and expedite quick purchases of everything we need for our armed forces.”
Fedorov Set to Testrun Ukraine’s CBDC
The deputy prime minister noted that Ukraine will take things even further as new tax laws are set to join the existing policies. Fedorov said in his description of the approaching law that it was a “complex, comprehensive approach to the legalization of all digital assets.”
Additionally, Fedorov revealed during his statement that a CBDC from the National Bank of Ukraine may be in the works. Interestingly, Fedorov says he intends to be the first person to testrun the electronic hryvnia. He also reportedly has plans to receive his salary in the forthcoming CBDC.
Two weeks ago, I saw a pilot of the electronic e-hryvnia in Ukraine,” he said. “I plan on becoming the first test user of the electronic hryvnia and I plan on receiving my salary in e-hryvnia.”
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