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Editors News - Mikhail Fedorov desires to be the first user of the planned CBDC.
- Legislation governing virtual assets was signed in Ukraine last year.
Mikhail Fedorov, Vice Prime Minister of Ukraine has announced a determination for his nation to be the world’s top cryptocurrency jurisdiction. Ukraine’s deputy prime minister wants to be the first user of a new central bank digital currency (CBDC). And also get payment in e-hryvnia.
Ukraine’s Vice Prime Minister Mikhail Fedorov stated:
Two weeks ago, I saw a pilot of the electronic e-hyrvnia in Ukraine,” he said, speaking through an interpreter, of plans to issue a CBDC in cooperation with crypto company Stellar. “I plan on becoming the first test user of the electronic hryvnia and I plan to receive on receiving my salary in e-hryvnia.
Crypto Becomes More Relevant in Ukraine
US, Ukraine, and the UK are the top 3 countries in the world for cryptocurrency use. According to the number of cryptocurrency owners, businesses that accept them, and the number of Bitcoin ATMs available, Ukraine now ranks second in the world for crypto use. Cryptocurrencies have played a significant role in the war in Ukraine. Crypto helped the government in raising millions of dollars to pay for its opposition to the Russian invasion. The Ukrainian government decided strategically to enhance its use of cryptocurrencies to support its economy.
Legislation governing virtual assets was signed in Ukraine last year. The legislation provides the classification, ownership, and regulators of virtual assets as well as the requirements for crypto service providers’ registration. Federovo also mentioned the nation’s upcoming CBDC, which he planned to test directly in the following year. Fedorov continued by saying that they had been able to facilitate and accelerate speedy purchases of everything they wanted for their armed forces due to the support of the global crypto community.
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