Ukraine at the Forefront of the Blockchain Revolution

Sofia Square in the Ukraine's capital city, Kiev.

Russia quite recently legitimised cryptocurrency usage in the country. Because of its immense resources and land, it is bound to become a major competitor in this field. But its neighbour, Ukraine, has already received global recognition as a world leader in blockchain and cryptocurrency. Cryptolydian reports.

Ukraine as a global cryptocurrency hub

Chainalysis reported on 8 September that Ukraine, along with Russia and Venezuela, are the world’s top three countries for cryptocurrency adoption.

Ukraine, like its Eastern European neighbours, has become a country that is ideal for the blockchain revolution to succeed in. Like other developing countries with relatively unstable economies, Ukraine’s potential in the cryptocurrency sphere is immense. Cryptocurrency could help the nation back up its weakened financial institutions and stabilise its fluctuating fiat currency. Coindesk reported that Ukraine is in the process of passing legislation to ensure crypto businesses may function optimally in the country.

Ukraine has been at loggerheads with neighbouring Russia. But it could use the regulated cryptocurrency market as a vehicle to increase tax revenue. This could bolster its flailing economy and very possibly bring it back up from its knees.

The future of Ukrainian cryptocurrency

The future looks bright in the crypto-sphere for this Eastern European nation. Ukraine’s population is curious about the cryptocurrency scene, while the government pushes further for a full-on development of digital asset institutions. The cryptocurrency scene is thus likely to see further spikes there in the future.

Like Argentina, Lebanon, and Zimbabwe, vast cryptocurrency adoption might be the solution to decades old financial problems related to debt, corruption, and devaluating fiat currency.

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Raïs Tarek 71 Articles
Journalist and lawyer, with a passion for global politics, economics and current affairs.