Ukraine

The latest report from the international financial regulator IMF examines the role and liability of cryptocurrencies and defi in the global financial system.

The numerous sanctions imposed on Russia as a result of the invasion of Ukraine have caused further trade losses for the country.

Whenever a country is sanctioned, its traditional banking institutions are the number one target. This is the same thing that happened recently with Russia when the EU, NATO, the US and many other democratic countries decided to impose tough economic sanctions for invading Ukraine. Now Washington is considering cryptocurrencies as a possible tool for sanctions against Russia.

The currently prevailing political war between Russia and Ukraine required faster preparation of the respective citizens for emergencies. People have withdrawn their money from ATMs and are therefore cashless. At the same time, they cannot join the queues at the banks to collect their money from the counters, so they are in a state of helplessness.

On December 14, Ukraine's TASCOMBANK announced the launch of a pilot project to test the functionality of the electronic hryvnia. Although the National Bank (NBU) supports this project, it claims that it is the only institution authorized to issue the CBDC, so the pilot project will not have a significant impact on the development process.

Ukraine will use blockchain technology to track the supply chain of timber on international markets. It is thus the second country in the world, after China, to test this pilot initiative.

On October 25, US and Ukrainian intelligence agencies wrapped up a joint operation to uncover a gang of money launderers who used cryptocurrency to legalize money for hackers on the darknet.

Employees of the Security Service of Ukraine (SBU) are suspected of kidnapping a foreign citizen to demand a ransom. To save himself from threats and torture, the man paid the kidnappers 7.5 Bitcoins.

Ukrainian police have uncovered an illegal mining farm in the city of Kryvyi Rih. The farm was operated by a 32-year-old citizen in an ordinary flat. The operator is currently under arrest while the amount of damage is being investigated.