Regardless of the transformation cryptocurrency has introduced in the payment and transaction industry, digital assets are still facing resistance in some countries. A good number of governments have shown concerns of cryptocurrency threatening their traditional fiat currency, finance and economy.
More than 69% of banking institutions in EMEA (Europe, Middle East and Africa) could miss opportunities in the financial market over the next 24 months if they do not embrace digital transformation. Currently, only 19% of them are making efforts to keep up with technological advances.
The Ukrainian Ministry of Digital Transformation is making every effort to legalize cryptocurrencies in the country. For example, it is preparing the law on Digital Assets for the second reading on Verkhivna Rada. On the other hand, it is working on a framework that will allow taxing the income from trading cryptocurrencies.
The Ukrainian government is making efforts to spread awareness about blockchain, bitcoin and cryptocurrency among common folks. The Ministry of Digital Transformation announced an online briefing on launching a blockchain and cryptocurrency TV series.
The realm of traditional finance is in the vicinity of a transformation. As people seek for more convenient innovative alternatives, global payment giants are forced to explore these technologies to meet their users’ needs.
Some Italian companies that produce agrifood are starting to use innovative technologies especially blockchain to track the transformation of sustenance. The distributed ledger technology (DLT) will help to improve safety within the food industry.