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15 insights on Ukraine and cryptocurrency

Sep 05, 2017 Posted /  2828 Views

15 insights on Ukraine and cryptocurrency

The 15 insights on Ukraine and the highlights on the cryptocurrency market in Ukraine are as follows:

1. Legal Status of Cryptocurrencies in upcoming days

The Cabinet of Ministers of Ukraine did a meeting in late August 2017 to engage in the legal status of virtual currencies like Bitcoin in the country. The ministers have reached an agreement to decide on the issue in few weeks.

2. Large Bitcoin Holdings and government conflicts

Three lawmakers of Ukraine had released information on their Bitcoin holdings, which are quite extensive. The legislators, Alexander Urbansky, Dmitry Golubov,  and Dmitry Belotserkovets, are all members of the group Petro PoroshenkoBlock. 

According to Russian news service RIA Novosti, Golubov has the major Bitcoin holding among with 8,752 Bitcoins. On present prices, this amounts to about $36 million. Urbansky and Belotserkovets have 2,494 and 398 Bitcoins, correspondingly. Ukrainian police continue their campaign in opposition to the use of cryptocurrencies in the country.

3. Real Estate to Foreign Investors

Ukraine is set to make use of decentralized real estate marketplace Propy to put forward properties to foreign investors on the Blockchain.

A pilot scheme in combination with the country’s Agency for E-Governance will stop what a government spokesman described as “fostering greater transparency, efficiencies, security and compliance.”

4. Clarification on Legal Status of Bitcoin

Ukraine’s central bank, the National Bank of Ukraine (NBU), has released a statement about the regulations on digital currencies like Bitcoin as well as the legal status of the cryptocurrencies. The action was made by the central bank following the arrest of some individuals for supposedly mining Bitcoin unlawfully in the second week of August 2017.

5. About Regulating Digital Currencies

In spite of its previous plans to go cashless, Ukraine’s Central Bank has implied that it may start regulating the utilization of cryptocurrencies in the country.

6. Blockchain in Land Transfers

The Ukrainian government is the newest in a string of governments and international groups around the world to apply Blockchain solutions to crack problems they’re facing in financial markets. At this time, around 71 percent of the country is categorized as agricultural land, of which 25 percent is possessed by the state. The land market, however, is very unhappy, according to a recent report by the state agricultural department. The cause for this market depression is the deficiency in of appropriate financial instruments for leases and land transfers.

7. Bitcoin and Dash Payments

A project aiming to initiate Bitcoin and Dash payments from corner to corner of the Ukrainian retail sector has gained over $20,000 funding. The unidentified proposal, which began as a proposal on the Dash Central platform, now has 255 Dash at its disposal and has partnered with backend clients to create consumer payments possible. 

8. New Record Highs

Cyptocurrencies have marked high in the Ukrainian market.

Ukraine's destabilized currency and intense tech industry makes it fertile ground for Bitcoin interest, with the government for its part actively integrating Blockchain technology into its economic strategy.

9. Bitfury's blockchain Partnership with Ukrainian Government

In April, Bitfury Group had announced its partnership with the government of Ukraine to carry a range of Blockchain solutions to the electronic services of the latter.In an interview CEO of Bitfury, has pointed out "that the newly announced initiative is a sign of growing interest in the Blockchain technology among governments of the world."

10. Growing Blockchain Partnerships

Finanace and technology company Attic Lab has partnered with a second Ukraine bank to put together SmartMoney, a Blockchain-based banking system.

Bank Alyans will work with the startup based on SmartMoney’s private Blockchain. Libraries , Source code, and API will all be open source.

11. Going Cashless, Plans National Digital Currency

Ukraine looks to enter the cashless society with plans on creating their own national digital currency based on the Blockchain technology, according to Ukrainian news site Ukrinform. The goal here is profusely clear, as this comes out of the nation’s Cashless Economy project, tying in with their current national payment service known as the “Ukrainian Payment Space.”

12. Banning Russian Payment Services Not Operating in Ukraine

National Bank of Ukraine introduced a prohibition on the utilization of payment services given by Webmoney, Yandex.Money, Qiwi Wallet and Wallet One.

State authority said that it was because of the fact that the rules of digital money utilization were not synchronized by the companies with the National Bank of Ukraine that their provision of their services were suspended.

13. Fighting Corruption 

A blockchain based system for holding online auctions was launched in Odessa region, Ukraine. The system allows renting and selling state property in a transparent and decentralized manner. 

14. 150 new bitcoin ATMs in 2017

Ukraine in a little is set to have 150 new ATMs for trading cryptocurrencies such as Bitcoin and Ethereum, with around 30 of the machines in place in the end of August, according to the head of the Bitcoin agency in Ukraine.

15. Illegal Bitcoin farms 

Ukraine’s National Police have arrested quite a few suspects who were illegitimately producing bitcoins at a recreation center of a Ukrainian state institute, according to newly released court documents.

Police found that 200 computers had been set up in an idle swimming pool at the Paton Electric Welding Institute’s recreation center to produce bitcoins, the world’s most popular digital money.

Sources for the above facts and highlights are:

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: Ukraine Ukraine ICO Ukraine cryptocurrency Ukraine bitcoin exchange Ukraine ethereum Ukraine on bitcoin

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