Ukraine And The Big Desire To Dominate Cryptocurrency!

Doing amazing things in its own special ways and being known for things that many would consider incredible is nothing new for Ukraine. The country often addressed for being the gateway to Europe has been constantly in the news for more positive reasons than negative.

Among the things in Ukraine that would be- and are- considered ‘sweet’ go well beyond the famous ‘Lviv’ chocolates, and extend well into the realm of tourism (St. Sophia’s Cathedral), speak of the country’s prowess into transportation infrastructure (world’s deepest metro station), and for the Eastern European nation being home to no fewer than seven Unesco World Heritage sites.

But having said all of that, there’s something new that Ukraine has latched onto and with much seriousness, then it’s Cryptocurrency.

The country famous for Matryoshka dolls, is apparently leaving no size of growth unchased in its ambition to become the world’s capital for Cryptocurrency.

You read that right; not Europe’s capital where the dominant discourse of this part of the 21st century stands, but the capital of the world where Cryptocurrency stands.

But then it’s one thing to aim to be a power in Cryptocurrency, and something quite different to be that. In that regard, what’s important is to ask what existing framework does Ukraine have for desiring to become one of the leading players in the realm of Cryptocurrency.

For starters, the government, it is believed, is constantly working towards introducing a new regulatory framework to change the dynamics of how Bitcoins work and can be encouraged further in the Slavic nation.

Implicit in this change of narrative, which requires Ukraine to rethink about its legal system is a sense of urgency being shown by government bodies. So what is it that they are working towards exactly?

Where news reports and expertspeak stand, then it’s not hard to find that the country gearing up for the big change in the spectre of Cryptocurrency is actually trying to rebrand its image as a ‘for Cryptocurrency’ or ‘Pro-Cryptocurrency’ nation.

Having said that, it’s also important to note that among the noted European nations that are keen to jump on the Crypto bandwagon include destinations like Switzerland too, which in the recent times have introduced a whole new legal framework to include Cryptocurrency in the mainstream.

Moving on, in the words of the founder of one of Eastern Europe’s first Cryptoexchanges, change is one the horizon. He would share the following insights on the massive development that’s got everyone talking:

“In this country, you can kill a person and you will not go to jail, if you have enough money and you’re connected,” he said, sipping tea on a plush leather sofa. “If you are not connected, it will cost you more.”

The anything-goes ethos has dogged Ukraine for years, and now the government is hoping to bury it, with an assist from cryptocurrency. In early September, the Parliament here passed a law legalising and regulating Bitcoin, step one in an ambitious campaign to both mainstream the nation’s thriving trade in crypto and to rebrand the entire country.

“The big idea is to become one of the top jurisdictions in the world for crypto companies,” said Alexander Bornyakov, deputy minister at the Ministry of Digital Transformation.

Watch this space for more updates on Cryptocurrency and developments in Ukraine!