As most states in the world are moving towards rolling out their own state-backed blockchain-based digital currencies, Ukraine, a cryptocurrency-friendly country in Eastern Europe has also decided to follow the lead. The state is going to develop its own central bank digital currency (CBDC).
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.
Eastern European countries are topping the list in cryptoasset adoption speed. Particularly, Ukraine and Russia have topped others because they have unduly intensive cryptocurrency usage. This shows that a bigger ration of nationals has moved away from traditional monetary activity to cryptoassets.
Ukrainian cryptocurrency market is under-regulated and therefore attractive for those wishing to take advantage of it for criminal purposes. Recently, law enforcers exposed a gang that has laundered about $42 million using cryptocurrency.
The outbreak of Covid-19 has pushed several governments and electoral commissions globally to the wall by making them look for other alternative means of organising and conducting free and fair elections. One of the available options is using a Blockchain-based e-voting method.
The government of Ukraine will start overseeing all Bitcoin and cryptocurrency transactions, however, the current minister of finance has acknowledged that it is not virtual tokens but fiat currency which villains, fraudulent and corrupt public workers take advantage of.