Parliamentary member in Ukraine reveals bitcoin assets

Regulation | November 2, 2016 By:

In his recent e-declaration Ukrainian member of parliament Alexei Mushak revealed possession of 465 BTC worth about $325,000 at press time.

Ukraine’s new anti-corruption rules compel all senior public officials to declare their wealth and assets in a new electronic database.

Alexei Mushak’s declaration of his cryptocurrency savings along with fiat and other immovable assets shows the increasing awareness and openness about digital currency among the country’s ruling class. His declaration follows the recent parliamentary discussion about the legalization of bitcoin and other digital currencies in the country.

In addition to cryptocurrency, Ukraine is also seeing a huge movement toward the use of bitcoin’s underlying distributed ledger technology. The county’s central bank — National Bank of Ukraine is currently working on the development of blockchain applications for its Cashless Economy project. Owing to the popularity of the cryptocurrency technology, few notable startups with innovative ideas have cropped up in the region as well.