Ukraine has taken steps to encourage digital currency projects and incorporate cryptocurrencies as part of its plans to strengthen and diversify its economy. In addition, the Ukrainian government has recently shared the creation of an $18 million reserve to assist progressive crypto and blockchain startup projects in the country.
Qualified Ukrainian crypto oriented companies got up to $75,000 in grants from the government by means of the project, which received the full support of Prime Minister Oleksiy Honcharuk.
In another progressive partnership, Stellar has shared that it has started an attractive partnership with Ukraine’s Ministry of Digital Transformation to move a central bank digital currency (CBDC) and a crypto asset infrastructure.
Stellar Development Foundation’s CEO, Denelle Dixon, explained that the partnership intends to digitize the Ukrainian hryvnia. The National Bank of Ukraine noted that the project will be processed on a private version of the Stellar blockchain.
Russia has had a long-lasting, turbulent relationship with digital assets and the underlining blockchain technology. President Vladimir Putin was skeptical of crypto projects in the past, criticizing the whole sector in general, even sanctioning a crackdown, as long as major bankers in the country have treated them as a pyramid scheme.
These comments failed to reduce the enthusiasm of developers and entrepreneurs, who have been supported by the huge potential of digital tokens.
With this being said, following the rise in the adoption of blockchain, Putin met with Vitalik Buterin, the founder of Ethereum, to build a new course for the country’s financial future. In 2020, Russia used blockchain technology to experiment with remote voting in its parliamentary elections.
Russian communication behemoth Rostelecom and the Department of Information Technologies were responsible for monitoring the elections to fill the vacant seats at the Russian Parliament.
The blockchain system applied was based on the enterprise option of the Waves blockchain and has the advantages of increased rates of fairness and liability
Golos is another Russian development that is impossible to dismiss. Golos was built to allow users to rate a post by means of tokens instead of simple likes. That is a good stimulus for content creators to post high-quality content, as the tokens have real value.