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Ukraine shares its CBDC plans with the World Economic Forum

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During the WEF annual meeting in Davos, Switzerland, Ukraine’s Vice Prime Minister Mykhailo Federov said that he wants the country to be the best jurisdiction for crypto assets and plans to receive his salary in Ukraine’s Central Bank Digital Currency (CBDC), the E-Hryvnia.

It is no surprise that Ukraine is keen on pushing crypto assets. Last year, it received more than $54 million in crypto donations. President Volodymyr Zelensky signed a law fully legalizing cryptocurrencies in March 2022.

Just last year, the Blackrock CEO said he believed the Russia-Ukraine war could be used to accelerate the use of CBDCs.

Related: Ukraine plots partnership with Big Tech, a cashless society, and the use of AI to assess criminals

Fedorov acknowledged that the crypto donations helped the country purchase medical and military supplies. He said that the country now wants to legalize all digital assets and that he will receive his salary in E-Hryvnia, the country’s CBDC that is currently being piloted.

“I plan on becoming the first test user of the Electronic Hryvnia and I plan to receive on receiving my salary in E-Hryvnia,” Fedorov said.

“We are planning on addressing the taxation side so that we can have a comprehensive approach to the legalization of all digital assets.”

Neighboring adversary Russia is also looking for broader crypto adoption. It is reportedly collaborating with Iran to develop a gold-backed stablecoin to be used for international trade.

The country had earlier considered banning crypto but has since reconsidered since the beginning of the war and the sanctions enforced by Western democracies.

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