Home
News
- By 2024, the Ministry of Digital Transformation hopes that 47 percent of Ukrainians would have used digital assets
- Assets that have been tokenized should be integrated into the existing financial system
- A separate program for members of parliament should be established, as well as a Master’s degree program in decentralized finance
Ukraine’s Ministry of Digital Transformation presented a plan for strengthening the country’s digital assets business, which was designed with participation from the local crypto community. According to Chainalysis, the Eastern European country is a global leader in cryptocurrency adoption and is one of the few countries in the world to provide a strategy for building its digital asset economy.
The Stellar Establishment Foundation (SDF) and Ukraine’s Ministry of Digital Transformation signed a Memorandum of Understanding and Cooperation, under which they will collaborate on the development of a virtual asset strategy in Ukraine. The Ministry of Digital Transformation and SDF will collaborate to establish a contemporary virtual asset market infrastructure and strengthen Ukraine’s position as an innovative digital country in Eastern Europe, according to the Memorandum.
All about the Fortsite’s meeting
One of the fort site’s goals is to foster a conducive environment in Ukraine for the virtual asset market’s further development. Above all, you’ll need a clear strategy for working with the new sector and a supportive community to help you achieve your objectives. There is a lot of work ahead, according to Alexander Bornyakov, Deputy Minister of Digital Transformation, because they must identify a clear vision of the market development strategy in the next two months.
Fortsight is a brand-new approach to anticipating the future. Around 70 representatives from various departments and industries attended the meeting. And this is merely the first step toward the formulation of a long-term strategy for the virtual assets business in Ukraine. The participants plan to continue working on the concept of innovation until 2031.
Ukraine is developing its digital asset market
The paper, titled Virtual Assets of Ukraine – 2030, includes the findings of a study done by the ministry in collaboration with crypto exchanges, miners, and other crypto-community players between March and June. According to the paper, the government must address legislative and educational goals in order to ensure an optimal environment for the development of the digital asset market.
According to the road map, the bill on digital assets, which is currently before parliament, should be passed this year. It claims that tokenized assets should be integrated into the existing financial system and that there should be an official mechanism to purchase virtual assets using fiat money. Education is also a part of the strategy, with school-aged children being the first to benefit from blockchain and virtual asset initiatives. A unique program for members of parliament, as well as a master’s degree in decentralized finance, should be offered.
Ministry Partnership with Stellar Development
The Ministry of Digital Transformation is striving to provide a legislative framework in Ukraine for the development of virtual assets. According to Oleksandr Bornyakov, Deputy Minister of Digital Transformation for IT Development, we believe our partnership with the Stellar Development Foundation will assist in the development of the virtual asset business and its integration into the global financial ecosystem.
The report’s 11 working groups looked into ways for consumers to buy bread in exchange for tokens, the establishment of a fiat-to-crypto gateway, the creation of a regulatory sandbox for crypto ecosystem projects, and the creation of new policies to regulate the digital assets market. According to the analysis, if its suggestions are implemented, Ukraine will be among the top ten crypto nations by May 2024, with 47 percent of the population using digital assets and 10% of enterprises having their assets tokenized.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
