Crypto Market Is ‘Development Vector’ of Nation’s Digital Economy, Ukraine President Says

President of Ukraine Volodymyr Zelensky has highlighted the importance of launching a legal digital assets market in his country throughout an operating visit to the U.S. The Ukrainian head of state met with high investors together with from the cryptocurrency trade.

President Zelensky Highlights Importance of Ukraine’s Virtual Assets Market

Speaking to Venture capital funds and Silicon Valley accelerators, Volodymyr Zelensky praised the chance to debate the prospects for the event of the IT sector and innovations in Ukraine. In his gap remarks at the event, quoted in an exceedingly announcement, the Ukrainian leader emphasised his country has created a “real breakthrough within the digital sphere” and a “huge leap towards making a digital state” over the past year.

At a meeting with representatives of the Stellar Development Foundation, the president expressed hope that within the close to future the institution will get a lot of opportunities to expand its activities and team as well as to eventually establish an R&D center within the East European nation. “After all, Ukraine is now the most effective magnet with blockchain and crypto specialists in Europe,” Zelensky remarked, additional emphasizing:

“And one among the vectors of development of Ukraine’s digital economy is the launch and development of a legal innovative marketplace for virtual assets.”

Earlier this year, Ukraine’s Ministry of Digital Transformation signed a memorandum of understanding with the foundation aimed toward supporting the continued efforts of the Ukrainian government to develop a legal framework for the country’s increasing crypto area. The agreement jointly covers Steller’s participation in building the infrastructure for the Ukrainian national digital currency.

Ukrainian Minister of Digital Transformation Mykhailo Fedorov, who was a part of the delegation, noted that Ukraine has one among the world’s largest blockchain developer communities and is functioning to become a good jurisdiction for each native and foreign crypto firms. He said that the country is additionally modernizing its payments market which can enable the National Bank of Ukraine to issue the digital hryvnia.

The current administration in Kyiv has maintained a typically positive perspective towards the crypto and blockchain trade however is nevertheless to adopt comprehensive laws for its activities. A draft law “On Virtual Assets,” that was recently revised, is predicted to be adopted by the end of this year.

In July, government officials and business representatives made a roadmap to rework Ukraine into a frontrunner in cryptocurrency integration. A central part of the new strategy is to arrange to develop the country’s virtual assets market within 3 years.