Deputy Prime Minister of Ukraine is optimistic about the next central bank digital currency (CBDC) and declared his desire to be the first user. The Ukrainian Minister, Mykhailo Fedorovdetermined that by introducing new regulations regarding cryptocurrencies, theUkraine can become one of the leading nations in terms of crypto assets legislation. Moreover, the success is further enhanced by the fact that the country managed to obtain financial support for its army using digital currencies. During the 2023 World Economic Forum, the Minister even announced that he would like receive salary in e-hryvnia. Here is the report.
Ukraine Discusses CBDC and Crypto Legislation
the World Economic Forum of Davos, in Swisshas seen a plethora of leaders discussing a range of topics in the space of assets digital. This is where the Ukrainian Deputy Prime Minister, Mikhail Fedorovspoke of his desire to see the country “become the world’s leading jurisdiction in matters of crypto-currency”. Ukraine signed cryptocurrency legislation in 2022 just after the Russia invaded the country. According to Fedorovthis law will be supplemented by completely new tax laws and also by a CBDC of the National Bank from Ukraine. “This will see Ukraine having the best crypto asset jurisdiction in the world,” Fedorov said.
Mikhail Fedorov sees this as“a complex and comprehensive approach to the legalization of all digital assets”. Moreover, Fedorov said: “I plan to become the first test user of e-hryvnia and I plan to receive my salary in e-hryvnia”. Furthermore, he remarked on crypto fundraising having greatly helped the country. In effect, collecting donations enabled the country to raise the equivalent of 178 million dollars. “Thanks to the support of the global crypto community, we managed to make it easier and faster to quickly purchase everything we needed for our armed forces.“, concluded Fedorov.
CBDCs may be the future of finance according to IBM Exec
During the World Economic Forum 2023 in Davos, Switzerland, the leader ofIBMShyam Nagarajan, shared his belief that the electronic money CBDC will be the future of money. Moreover, Nagarajan added that issuers should consider a hybrid model of permissioned and permissionless currencies. In his intervention, he also added that the CBDC will reach their potential as the future of finance rests on the hybrid type model. Moreover, many CBDC projects are in beta phase around the world, the stablecoins remaining the dominant digital asset. Demonstrating his belief in CBDCNagarajan specifically stated that they would “replace the current digital currency system and in some way would be controlled“.
Nagarajan explained that stablecoins are a “cap until CBDCs are available on the market“. In a separate statement, the world leader in taxation at the house of Deloitte, Rob Massey, shared a similar sentiment. Affirming that the presence of programmable money via smart contracts could limit friction and “help large companies to raise their level of transparency and their real-time payment systems. Moreover, “this is absolutely where we are going“, he made it known, warning conclusively that all the CBDCsmart contracts or stablecoins “are not equal to their creation”.
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