Saturday, February 4, 2023
 

Ukraine Deputy Prime Minister Wants to Receive Salary in CBDC

  • Mykhailo Fedorov said he hopes to be the first to receive a salary in the CBDC.
  • The deputy prime minister noted that crypto was instrumental in its ongoing war.
  • The country legalized crypto payments shortly after the Russian invasion.

At the World Economic Forum, Mykhailo Fedorov, Ukraine’s deputy prime minister, told reporters that he hopes to be the first to receive payment in the country’s new central bank digital currency (CBDC).

Speaking through an interpreter, Fedorov said:

Two weeks ago, I saw a pilot of the electronic e-hryvnia in Ukraine. I plan on becoming the first test user of the electronic hryvnia, and I plan to on receiving my salary in e-hryvnia.

The deputy prime minister, who doubles as Ukraine’s minister for digital transformation, noted that crypto payment was instrumental in its fight against Russia. The minister added that new regulations would make the nation the world’s top jurisdiction for crypto assets.

Fedorov added:

Ukraine will have the best crypto assets jurisdiction in the world … a complex, comprehensive approach to legalizing all digital assets.

Notably, Ukraine’s innovative use of crypto for wartime fundraising helped the country amass $178 million in hard currency to spend on military supplies, including uniforms, trucks, and more.

Ukraine signed into law last year virtual assets legislation a few weeks after Russia invaded the country. On the flip side, the Russian government amended its regulations to cancel the use of crypto to purchase goods and services on Russian soil. Nonetheless, the rule allowed Russians to invest in crypto but prohibited them from using it as a medium of exchange.

In June last year, the Russian parliament approved a draft law to excuse issuers of digital assets from value-added tax (VAT).

  • Mykhailo Fedorov said he hopes to be the first to receive a salary in the CBDC.
  • The deputy prime minister noted that crypto was instrumental in its ongoing war.
  • The country legalized crypto payments shortly after the Russian invasion.

At the World Economic Forum, Mykhailo Fedorov, Ukraine’s deputy prime minister, told reporters that he hopes to be the first to receive payment in the country’s new central bank digital currency (CBDC).

Speaking through an interpreter, Fedorov said:

Two weeks ago, I saw a pilot of the electronic e-hryvnia in Ukraine. I plan on becoming the first test user of the electronic hryvnia, and I plan to on receiving my salary in e-hryvnia.

The deputy prime minister, who doubles as Ukraine’s minister for digital transformation, noted that crypto payment was instrumental in its fight against Russia. The minister added that new regulations would make the nation the world’s top jurisdiction for crypto assets.

Fedorov added:

Ukraine will have the best crypto assets jurisdiction in the world … a complex, comprehensive approach to legalizing all digital assets.

Notably, Ukraine’s innovative use of crypto for wartime fundraising helped the country amass $178 million in hard currency to spend on military supplies, including uniforms, trucks, and more.

Ukraine signed into law last year virtual assets legislation a few weeks after Russia invaded the country. On the flip side, the Russian government amended its regulations to cancel the use of crypto to purchase goods and services on Russian soil. Nonetheless, the rule allowed Russians to invest in crypto but prohibited them from using it as a medium of exchange.

In June last year, the Russian parliament approved a draft law to excuse issuers of digital assets from value-added tax (VAT).

 

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