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Ukraine Launches Own CBDC and Plans Widespread Crypto Adoption

 


The Deputy Prime Minister of Ukraine plans to receive his salary in the nation's own CBDC E-Hryvnia in addition to being dedicated to the best legislation for crypto assets.


The power of cryptocurrencies was demonstrated to the war-torn Ukraine last year when it received over $54 million in donations via the blockchain. Finally, a law on virtual assets legalizing cryptocurrencies was signed by Ukrainian President Volodymyr Zelenskyy in March 2022.


The donations, which enabled the country to purchase equipment for its armed forces and hospitals, were also acknowledged by Ukraine's deputy prime minister, Mykhailo Fedorov. All digital assets will soon be fully legalized.

The CBDC is used to pay the deputy prime minister of Ukraine.

Mykhailo Fedorov stated he intended to receive his salary in e-hryvnia while speaking at the World Economic Forum. This is the Central Bank of Ukraine's (CBDC) digital currency, which is still in its pilot stage. The Deputy Prime Minister translated and said:


"I intend to use our CBDC as the first test user and receive my pay in digital hryvnia. ".


The nation wants to create the best crypto legislation it can with the aid of a comprehensive strategy. Mykhailo Fedorov added the following statement:


"We want to make sure that we take a comprehensive approach to the legalization of all digital assets, so we plan to approach this from a tax perspective. ".


Blockchain technology appears to have been well-understood in the nation. Even one of Ukraine's oldest commercial banks, TASCOMBANK, suggested using blockchain technology just last week. The organization had utilized the Stellar network in the past for an e-money pilot.


Russia is also promoting the use of cryptocurrencies.

Rival Russia is also getting ready to adopt cryptocurrencies. According to reports, the neighboring nation is collaborating with Iran to introduce a stablecoin with gold backing. The primary purpose of this should be to facilitate international trade in payment. Given the harsh sanctions, such a venture might turn out to be very advantageous for the nation.


Previously supporting a ban on cryptocurrencies, Russia is now looking into making cross-border crypto payments legal.

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