Ukraine will become the best jurisdiction in the world for crypto assets, the minister who oversees the country’s digital transformation has promised. Speaking to the media at the World Economic Forum in Davos, Mykhailo Fedorov praised the crypto community’s support for his war-torn nation.
Crypto donations have been a boon for Ukraine amid invasion, says Fedorov
During the early stages of Russia’s military invasion, donations via cryptocurrency were “a great help to Ukraine,” said the country’s Deputy Prime Minister and Minister of Digital Transformation Mykhailo Fedorov. saying journalists in Davos, Switzerland.
During a press conference on the sidelines of the World Economic Forum (WEF), Fedorov explained that with the monetary restrictions imposed with martial law, Ukraine was nevertheless able to quickly buy everything it needed for its armed forces, thanks to the support of the world community. crypto community.
The high-ranking representative also emphasized that the government is developing the necessary legal framework with a comprehensive approach for the full legalization of cryptocurrencies. The Verkhovna Rada, the Ukrainian parliament, passed a law on virtual assets in mid-February.
For this legislation to enter into full force, reforms to the Tax Code are also needed. Once they are adopted, Ukraine will have the best crypto jurisdiction in the world, Fedorov insisted, further noting:
Ukraine is a candidate for membership of the EU. We have to harmonize with European legislation, taking into account the practices and recommendations of the IMF and the World Bank.
The minister wants to be paid in Ukraine’s digital currency, E-hryvnia
The Ukrainian official also marked progress towards the issuance of a central bank digital currency of Ukraine (CBDC). “Two weeks ago, I saw an electronic hryvnia pilot,” he said, referring to the project being carried out in cooperation with Stellar and a private bank.
The National Bank of Ukraine (NBU) intends to propose in 2024 legislation dedicated to the introduction of CBDC, revealed Mykhailo Fedorov. “I plan to become their first trial user and receive my salary in e-hryvnia,” he stated.
Despite the raging conflict with Russia, the Kyiv authorities have a “very ambitious plan” to make Ukraine the most digitized country in the next two years. “Digitalization will be the basis for reconstruction. We are making these reforms during the war,” Fedorov explained.
The Deputy Prime Minister also highlighted the support his nation is receiving on the path to digitization, in terms of resources and experience from G7 countries such as the United States and Japan. In addition, he called for the continuation of technology sanctions against Russia, which he said is still buying components using virtual assets and intermediaries.
Do you think Ukraine will establish itself as one of the most crypto-friendly destinations after the war? Share your expectations in the comments section below.
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