Friday, September 17, 2021

Ukraine’s Ministry of Digital Transformation’s employees may get their salaries in crypto.

The Takeaway:

Employees of Ukraine's Ministry of Digital Transformation may become the first in the country to get their salaries in digital currency.

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Employees of Ukraine’s Ministry of Digital Transformation may become the first in the country to get their salaries in digital currency. The National Bank of Ukraine is developing an electronic version of the Ukrainian hryvnia, and the ministry is considering the option of using the state-issued coin for remuneration. The Digital Ministry is planning to compensate its employees with Ukraine’s central bank digital currency (CBDC).  

 

“We have it on the table as one of the first pilots.”

In a recent interview with online news portal TSN, Minister Mykhailo Fedorov revealed this is among the department’s first initiatives for the digitalized national fiat, stating: We have it on the table as one of the first pilots, the payment of salaries to employees of the Ministry of Digital Transformation in electronic hryvnia. The minister further pointed out that “Ukrainians rank first in the world in terms of adaptability to virtual assets.” He noted that this openness to technology could be one of Ukraine’s main advantages, which can attract additional investments to the country and its businesses.

 

Ukraine is among the top nations in adopting crypto. 

Ukraine was ranked first among over 150 nations in last year’s edition of the Global Crypto Adoption Index by blockchain forensics firm Chainalysis. The government in Kyiv is yet to introduce comprehensive regulations for the country’s expanding crypto space and issue its own digital currency. A draft law, “On Virtual Assets,” which was recently revised, is expected to be adopted by the end of the year. Another project to pilot the implementation of the digital hryvnia is to use it in the payment of social benefits and government subsidies. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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