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Ukrainian minister says his nation best for crypto at Davos 

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Ukraine and crypto

Ukraine and crypto

While speaking with the media at the ongoing Davos 2023, Mykhailo Fedorov, the Ukrainian vice prime minister and official in charge of digital transformations, said Ukraine would likely be the world’s best jurisdiction for crypto assets. 

Fedorov revealed that despite the financial restrictions due to the war, the country has been banking on cryptocurrencies to consistently get all its funding support for purchasing military equipment. The country is eternally grateful to the crypto community. 

The minister also hinted at an ongoing development of a comprehensive legal framework that will give cryptocurrencies a complete legal status in Ukraine. A virtual asset bill by the Ukrainian parliament was passed in February 2022. 

He, however, stated that for the legislation to have its full effects, there is still a need for amendments in Ukraine’s tax codes and being a potential candidate of the European Union, Ukraine will harmonize its laws so that it can be in tune with recommendations of the IMF and World Bank. 

Possibility of getting payments in crypto or E-hryvnia

According to the minister, the national bank of Ukraine is mulling the possibility of launching its central bank digital currency (E-hryvnia). He looks forward to getting his salary paid in it. 

While highlighting the progress level of the Ukrainian central bank digital currency (CBDC) development, the minister said its pilot testing has already been realized with the cooperation of private banks and stellar. 

With the prolonged Ukraine-Russia war and the country’s penchant and plans for cryptocurrencies and other digital payment solutions, Ukraine may likely become one of the best jurisdictions for cryptocurrencies. 

The minister also called for more tech sanctions against Russia, whom he said is currently using proxies to purchase components with digital assets; he also thanked the G7 countries for supporting Ukraine. 

To evade sanctions, Russia is also pushing for CBDC adoption

In a bid to evade sanctions and move forward with its proposed launching of a digital ruble in the first quarter of 2023, a recent report revealed that the Russian central bank is researching two cross-border settlement solutions. 

The two-segment settlement solutions are meant first to set up Russia’s bilateral engagements with trusted countries and then launch a single platform for facilitating Intra and inter-border communications during transactions. 


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