The country announced that it is evaluating to use a blockchain platform to store public documents.

According to local media, Ukraine is looking for alternatives to advance in the field of crypto-technology since many users are interested in this field. For this reason, it was known that the Ministry of Digital Transformation o Ukraine is evaluating a proposal that will be presented to the Parliament, in order to legalize the use of cryptocurrencies in the country.

In recent official statements, the Vice Minister selected by the Ministry of Digital Transformation of Ukraine, Alexander Bornyakov, gave his support to the crypto-technology. He assured that the institution he presides seeks to formalize the legality of the digital asset. The intention is to use it in the European country.

Likewise, Bornyakov added that not only cryptocurrencies are part of the Ukrainian authorities’ plans, but also they are developing a project for the State where they will use blockchain technology to digitize and store the records documents of public use. This is another advantage that blockchain technology offers.

Now, according to these plans, which are close to a regulatory matter for digital assets, the Ministry of Economic Development is modifying, in line with government actions, all kinds of economic policy linked to these assets. In this way, they can effectively create an ideal ecosystem for its implementation in all the economic sectors of the nation, taking with this action an important step by recognizing the terms “cryptocurrencies” and “digital assets”.

The Adoption Process

Specialists in the industry say that once the competent regulation has been approved and when users can negotiate and trade them freely, cryptocurrencies could become an important sector of the Ukrainian economy. According to what some expert estimates, the adoption process in the economy of that country could take around three years to be complete.

Also, the statement issued by the authorities, where the adoption process is expressed, easily explains the operation with cryptocurrencies and adjusts the limits.

The official concept about the implementation of cryptocurrencies in the country will be announced by mid-2021, and it includes a process divided into two stages. The first stage is defined in a period of two years between 2018 and 2019, where the legal status of crypto assets, and the recognition and investigation of companies dedicated to the exchange of these assets will be determined.

Another task is to analyze the crypto market and assess its difficulties to determine the direction that the regulator assembly should follow.

The next stage includes a period of two years, from 2020 to 2021, and during this phase the developers will conduct the necessary control for virtual currency providers; this is in order to determine the rest of the regulatory services that these assets should be subject to.

It is known that currently cryptocurrencies are not illegal in Ukraine. However, they do not have official recognition by the State. If this legalization is approved, users would have legal support to conduct their negotiations.

By María Rodríguez


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