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WEF Davos: Ukraine to Become More Crypto-Centric With CBDC and Taxation Implementation

2 mins
Updated by Kyle Baird
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In Brief

  • The Vice Prime Minister of Ukraine plans to receive his salary in CBDC.
  • Will Ukraine become the best crypto jurisdiction in the world?
  • Russia to launch a gold-backed stablecoin for international payments.
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The Vice Prime Minister of Ukraine wants to see the nation become the best jurisdiction for the crypto asset and plans to receive his salary in the country’s E-Hryvnia CBDC.

War-torn Ukraine has realized the utilities of cryptocurrencies as they received over $54 million in donations through crypto last year. In March 2022, Ukraine’s President Volodymyr Zelenskyy eventually signed a virtual assets bill into law to legalize cryptocurrencies.

The Vice Prime Minister of Ukraine, Mykhailo Fedorov, acknowledged the cryptocurrency donations, which helped the country buy military and medical supplies. Now the country plans for the legalization of all digital assets.

Vice Prime Minister of Ukraine to Receive Salary in CBDC

Speaking at the World Economic Forum, Mykhailo Fedorov said he planned to receive his salary in E-Hryvnia. This is Ukraine’s central bank digital currency (CBDC), which is currently in the pilot stage.

“I plan on becoming the first test user of the Electronic Hryvnia, and I plan to receive on receiving my salary in E-Hryvnia,” The Vice Prime Minister of Ukraine announced through a translator.

The country plans to build the best crypto jurisdiction through a comprehensive approach. Mykhailo Fedorov says, “We are planning on addressing the taxation side so that we can have a comprehensive approach to the legalization of all digital assets.” 

The country seems to be embracing blockchain technology well. Last week, one of Ukraine’s oldest commercial banks, TASCOMBANK, recommended using blockchain technology after it used the Stellar network for an electronic money pilot.

Rival Russia Cranks Up Crypto Adoption

The rival country Russia has also geared up for crypto adoption. Russia is reportedly working with Iran to launch a gold-backed stablecoin. The primary purpose of this stablecoin will be to serve as a mode of payment for international trade. This may prove beneficial for the country because Russia is under strict sanctions.

Earlier, Russia favored banning cryptocurrencies, but now it has been looking at legalizing cross-border crypto payments. 

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Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.