The World Economic Forum (WEF) summit is currently taking place in Davos, Switzerland, from January 16 to January 20. It has representatives from its 193 member states, including India, Germany, the USA, and Ukraine, among others.
In the summit, the vice prime minister of Ukraine opined that he wishes to see the nation become the best jurisdiction for the crypto asset and plans to receive his salary in the country’s central bank digital currency (CBDC), i.e., E-Hryvnia.
The WEF shared on its Twitter handle a video featuring the vice prime minister of Ukraine, Mykhailo Fedorov sharing his thoughts regarding the digital assets and briefing the nation’s views in the current scenario.
Fedorov elaborated on his desire to receive his salary in the Ukrainian CBDC, which is currently in its pilot phase. The translator to the minister said:
“I plan on becoming the first test user of the Electronic Hryvnia, and I plan on receiving my salary in E-Hryvnia.”
The country is also trying to approach crypto and comprehensively build the best crypto jurisdiction. Fedorov said that the authorities are planning on addressing the taxation side to have a comprehensive approach to legalizing all digital assets.
Ukraine has heavily relied on the donations it has received through crypto in the last year to survive the war-induced crisis. In August last year, Fedorov revealed how $54 million in cryptocurrency donations had been used. The most expensive item was an unmanned aerial vehicle (or drone), costing $11.8 million.
Following that, the nation spent $5.7 million on computer hardware and software and $6.9 million on armored vests. Since Russia started its invasion of Ukraine, more than $60 million in cryptocurrency has been contributed, according to the group.
In October 2021, the Ukrainian president first rejected a digital assets regulation bill but later signed a law to legalize cryptocurrencies in March last year. Sources reveal that the nation now plans to legalize all digital assets.
Recently, TASCOMBANK, one of the oldest and largest Ukrainian banks, announced its partnership with a crypto-based firm to test the payments on blockchain technology which turned out to be successful and noted several advantages.