Ukrainian government will enter the cryptoactive market
Government authorities develop strategies for the creation of a digital version of the legal tender in Ukraine
In order to accelerate the regulatory processes to launch the digital currency of Ukraine, which will be called e-grivna, the new government of the day created the Financial Stability Council, contributing to the recognition of cryptocurrencies as financial assets in the country.
The initiative is part of a set of strategies promoted by the National Bank of Ukraine together with the Minister of Finance, the Deposit Guarantee Fund, the National Securities and Exchange Commission, and the National Financial Services Market Commission with the objective of reducing the circulation of cash.
The Ministry of Digital Transformation of Ukraine plans to legalize bitcoin and other cryptocurrencies, in accordance with the plans announced on September 27 by one of the entity’s vice ministers, Alexander Bornyakov, who was responsible for explaining to the media the projects related to cryptocurrencies of the new Ukrainian government.
It is estimated that entering the cryptoactive market with the digital currency e-grivna would also benefit mining activity, in addition to transferring public records and documents to a distributed accounting system, administered by the State.
As part of a modernization process, the new Ukrainian government led by, Volodímir Zelenski, said he will assume the presidency by adding efforts and ideas to provide the best services to the population efficiently, for which he believes it is necessary to increase digital literacy. Despite the fact that the predecessor government had planned the creation of a regulatory framework for crypto assets, which would come into effect from 2021, Ukraine does not have clear legislation regarding digital currencies.