December 8, 2023

Ukraine took first place in the use of cryptocurrencies

Ukraine took first place in the use of cryptocurrencies

The analytical company Chainalysis claims that Ukraine ranks first in the world in terms of the use ofvirtual assets by the population. While the firm's official report has yet to be released, the Ministry of Digital Transformation has already posted the news on its website.

According to the department, the country’s leadership is due toa large-scale community of blockchain developers, among the three largest in the world. In addition, the level of digital literacy of Ukrainians is quite high, hence the strong crypto community in the country and fifth place in the world ranking for non-cash payments.  

Number of small businesses operatinginternational market is growing, and legislative restrictions on international transfers force entrepreneurs to look for alternative options to the draconian financial system. The lack of a stock market and access to the global capital market also contributes to the growing popularity of crypto assets among business Ukrainians.

Despite all the high indicators, mostThe cryptocurrency market still remains in a gray area. Despite the support of the largest crypto exchange Binance in the legalization of cryptocurrencies, the bill “On Virtual Assets” is just preparing for adoption at the autumn session of the Verkhovna Rada. 

However, the National Bank of Ukraine (NBU) in Februarythis year has already presented e-hryvnia and presented the results of testing the first Ukrainian digital product. According to Taras Kulik, Vice President for Business Development at Core Scientific, Ukraine can be included in the list of the largest bitcoin miners.

It is not surprising that the country has overtaken Venezuela and Russia – 2nd and 3rd place in the ranking, respectively. The top 5 was completed by the United States, and China was in sixth place.

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