Ukraine is the world's leader in Crypto Adoption for 2020

Ukraine is the world's leader in Crypto Adoption for 2020

By PVMihalache | Mind Puzzle | 20 Nov 2020

The Ukrainian Government is planning to overcome France in the effort to adopt a Central Banking Digital Currenty (CBDC) and to make the country a crypto leader in Europe. The Ukraine is currently ranked number one in the Global Crypto Adoption Index for 2020. This crypto-adoption started in 2014, when the Ukrainian authorities started to consider the implementation of cryptocurrency legislation that would transform the country into a competitive jurisdiction for crypto development and businesses. The fintech strategy of NBU, the Ukrainian Central Bank, is to legalize crypto related activities. By 2025 all crypto assets will be included into a transparent and legal infrastructure, which will be the framework for the market. The legal entities whose activities focus on cryptocurrencies will able to open bank accounts and work freely by exchanging and swapping digital assets.911573c22b2fadbecab6147de687ce0af4534b1dee92e04e45e2844d57279403.jpeg

The parliament approved a law on implementing the Financial Action Task Force's standards in 2019, which will be the guidance for fighting money laundering, finance terrorism and cyber hacking. The set of laws outlines an action plan for cryptocurrency implementation, leaded by the governmental Ministry of Digital Transformation, which will be the main regulator controlling and monitoring cryptocurrencies. The Minister of Digital Transformation will have the power to adopt the usage of digital assets, stable-coins, token assets, and all legal aspects related to the rights and requirements related to custodians of digital assets, including exchanges, wallets and businesses in the crypto environment.b0f3011696fc1e0cdf8faac5c6b8072c594812f2138d57514271dbb89d3c2f00.jpeg

The Ukrainian regulations and the Ministry of Digital Transformation framework doesn't cover DAO feature therefore the voting rights given to users making decisions within a DAO may be considered illegal. The lack of a global concept for secure digital assets make the adaptation of cryptocurrency complicated. The NBU is the current custodian of government bonds, the entity will be involved in the implementation of cryptocurrency and the custody of cryptocurrency. This partnership will be the stepping stone for the creation of infrastructure projects and the creation of a favorable environment for the development of the Ukrainian crypto ecosystem.

Meanwhile in France

France partnership with Societe Generale and Nomadic Labs to develop an stable-coin pegged on Euro is moving forward. Tezos was selected for technological evolution, on-chain governance and hi-tech smart contracts. This new Euro-pegged stable coin will be created to improve the financial markets and inter-bank contracts and regulations. France ambition to be the first country to develop a central bank digital currency may be ruined by Ukraine's current development. Ukraine's plan for CBDC creation will be also selected Tezos public block-chain and unbreakable smart contracts.


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