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  • The country’s ministry has made the decision as a step towards modernization.
  • The ministry is also planning to integrate blockchain technology into its registry system.

The ministry of digital transformation of Ukraine is planning to legalize the possession and use of cryptocurrencies. Though crypto transactions are not banned at present, they do not have any official status. The country’s newly elected president, Volodymyr Zelensky, announced that a decision had been made has a step towards modernization. Additionally, the ministry is planning to integrate blockchain technology into its registry system.

One of the deputy ministers, Alexander Bornyakov, spoke about how the nation would want to capitalize on cryptocurrency miners. He also spoke about plans to apply the blockchain technology on public registries and documentation based on DLT (Distributed ledger technology).

According to an earlier report on BitcoinNews.com, Ukraine’s ministry launched a state policy to legalize cryptocurrency. The newly elected president aims to speed the process. If executed, this will make Ukraine a hub for blockchain innovation.