Ukraine’s Deputy Prime Minister Wants to See the Country the Best Jurisdiction for Crypto Assets and Plans to Receive His Salary in the Country’s E-Hryvnia CBDC.
War-torn Ukraine has realized the utilities of cryptocurrencies as they received over $54 million in donations via crypto last year. In March 2022, the President of Ukraine, Volodymyr Zelensky, signed a virtual assets bill to finally legalize cryptocurrencies.
Ukraine’s deputy prime minister, Mykhailo Fedorov, accepted a cryptocurrency donation that helped the country purchase military and medical supplies. Now the country is planning to legalize all digital assets.
Deputy Prime Minister of Ukraine to receive salary in CBDC
Speaking at the World Economic Forum, Mykhailo Fedorov said that he plans to receive his salary in e-hryvnia. It is the Central Bank Digital Currency (CBDC) of Ukraine, which is currently in the experimental phase.
“I plan to become the first test user of the electronic hryvnia, and I plan to receive my salary in e-hryvnia,” the deputy prime minister of Ukraine announced through a translator.
The country plans to build the best crypto jurisdiction through a comprehensive approach. “We plan to address the taxation side so that we can have a comprehensive approach to the legalization of all digital assets,” says Mykhailo Fedorov.
The country seems to be adopting blockchain technology well. Last week, TASCOMBANK, one of the oldest commercial banks in Ukraine, recommended the use of blockchain technology after using the Stellar network for an electronic money pilot.
Rival Russia Cranks Up Crypto Adoption
Rival country Russia has also made preparations to adopt crypto. Russia is reportedly working with Iran to launch a gold-backed stablecoin. The primary purpose of this stablecoin would be to serve as a method of payment for international trade. This can prove to be beneficial for the country as Russia is under strict sanctions.
Previously, Russia supported banning cryptocurrencies, but now it is considering legalizing cross-border crypto payments.
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