Ukraine To Adopt And Implement Blockchain Technology Under Current Minster Of Finance

By Daniel Zo Bitcoin, Blockchain, Fintech, Ukraine

While there are countries which are actively trying to limit the usage of bitcoin, other nations such as Ukraine are looking for innovative ways to use bitcoin and its underlying technology, the blockchain, to encourage progress.

With this in mind, recent reports indicate that Ukraine’s Minister of Finance, Oleksandr Danilyuk, who spoke for the Blockchain Incredible Party Conference on Thursday, shared his vision on Ukraine becoming a leading nation in terms of blockchain technology use. Danilyuk explained that it would do a great job in public service management, while also improving the overall efficiency and transparency of the government.

Ukraine flag

In his press statement, Danilyuk noted that: “We would like Ukraine to be the first country in the world that uses the blockchain in selling state assets: to sell them transparently at the highest price and to make sure that there’s no place for corruption. And I believe that the blockchain offers such opportunities.”

As Bitcoin can effectively eliminate the possibility of administrative interference during bidding, this will also encourage a safer business and political environment, perfect for a country that has been challenged numerous times during the last couple of years.

In fact, the Finance Minister stated that the first online auctions based on the blockchain will be towards the Deposit Guarantee Fund of Individuals, also known as FGVFL, which currently managed around $18.1 billion USD, roughly two-thirds of the budget of the whole country. Danilyuk continued by saying that: “This technology will help eliminate corruption in government sales, as well as save taxpayers billions of hryvnia. That's my main goal.”

As the implementation and maintenance of such a system does not require high costs, money can thus be saved, while also improving the current state of the financial system in the country.

Dr Pavel Kravachenko, of Distributed Lab mentioned that:  "Everybody knows that the state doesn't run things efficiently (…) The government has to get rid of the land it owns to pay back its debts to the IMF, which also requires the state to reduce its control of assets. This project is helping to drive change in Ukraine. International investors have forced the Ukrainian government to fight corruption, so now the state can use this project as a sign to say: 'Ok, we are fighting it’.”

Based on this, the business community, the political regime and last but not least, the people of Ukraine will all get major benefits as soon as blockchain technology is thoroughly adopted throughout the country. The vision of the current Minister of Finance is exactly what the world needs to progress, as blockchain-based projects have been proven to be highly efficient and successful in the long run.

What do you personally think about Danilyuk’s vision for Ukraine’s financial future? How about the state-advised adoption of blockchain technology? Let us know your thoughts in the comment section below.