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Newly Elected Ukraine President Promises Blockchain Not Bribes

Newly elected ukraine president promises blockchain not bribes

Newly Elected Ukraine President Promises Blockchain Not Bribes

Newly elected ukraine president promises blockchain not bribes

Cryptocurrency could be high on the policy list of the new president of Ukraine after a senior aide revealed extensive Blockchain plans this week.


New Ukraine Gov’t Plans ‘Smartphone State’

As Ukrainians overwhelmingly elected comedian Vladimir Zelenskiy to lead their embattled country, Mikhail Fyodorov, who led his digital campaign, said the new government would seek to deploy blockchain throughout state structures and beyond.

The goal, he told local TV channel Gromadskiy, is to create a “state on your smartphone.”

“During this time we’ve developed a growth conceptualization for the digital state with experts,” he said.

Specifically, starting with the digitization of a single test project, culminating in the deployment of blockchain for voting procedures. From small projects to big ones.

Fyodorov succeeded in galvanizing over 600 thousand online volunteers as part of Zelenskiy’s digital campaign, the young leader appealing to inhabitants of a country where digital phenomena such as cryptocurrency are already a major talking point.

As Bitcoinist reported, only this month, authorities in the capital Kiev returned to the idea of accepting direct bitcoin payments, this time for public transport.

Blockchain Not Bribes

While he did not mention bitcoin specifically, Fyodorov’s perspective on disruptive technology is highly reminiscent of pledges by US 2020 Presidential hopeful Andrew Yang.

A similarly energetic figure, Yang has already released a dedicated policy statement on cryptocurrency, promising to overhaul the US’ “patchwork” regulatory landscape and making ownership and use less burdensome on individuals and businesses.

An open policy on the technology would hold clear benefits in Ukraine. As the semi-frozen conflict with Russia rumbles on, bitcoin has become a symbol of resistance across the border, compounded by a lack of ability by the Kremlin to install suitable regulation.

A Bitcoin wallet belonging to the campaign of major Putin rival Alexey Navalny has collected almost 600 BTC ($3.25 million) since 2016.

For Fyodorov, using technology such as Blockchain to remove the opacity of state organs likewise runs in contrast to the murky world of Moscow.

For example, his scheme to let citizens open and close businesses “in two clicks” as part of the digital state, begun as a private project, stands in direct opposition to scandals such as last week’s state-sponsored $1 million Bitcoin bribe.

“…People who work in business witnessed the changes and believed in them,” he said.

Ukraine is already home to various crypto industry adoption pushes, including from the previous government administration, which in October pledged to develop full legalization frameworks for cryptocurrency by 2021.

What do you think about Ukraine’s perspectives regarding Bitcoin and Blockchain? Let us know in the comments below!


Images via Shutterstock

Published at Wed, 24 Apr 2019 16:15:41 +0000

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Bitcoin Plummets $600 Following Volatile Thursday Trading

bitcoin’s price suffered more losses on Friday following Thursday’s drop and subsequent rebound, plummeting 25% in a single day.


While it appeared that bitcoin had regained its historic upward momentum following Thursday’s $500 drop, Friday proved even more turbulent as prices dived $600 from $2.5k towards $1.9k. As of Saturday afternoon, bitcoin’s price appears to have stabilized around $2.1k.

Bitcoin price chart

What Goes Up, Must Come Down

bitcoin’s price drop follows a week of unprecedented growth, in which it climbed from $2000 to an all-time high of $2800. Many claimed that a correction was overdue and that bitcoin is back on its way towards $3,000.

Others have issued dire warnings of a bitcoin bubble that may just now be popping. Older investors can still recall the sting of bitcoin’s infamous 2013 crash (and subsequent destruction of the Mt. Gox exchange), and are wary of repeating the same mistakes. bitcoin’s price also has a repeatable history of spiking suddenly before crashing to a higher, more stable level.

Friday, Bloody Friday

Traders have historically used Fridays to sell off securities or place shorts, anticipating a price drop come Monday morning due to what has been called the “weekend effect“. The upcoming long weekend combined with Thursday’s high volatility likely fueled a large sell-off in the cryptocurrency market. bitcoin’s influx of new investors following its price increases may have also spurred a panic sell.

You Bought the Ticket, Now Ride the Coaster

Experienced traders have continuously warned new investors about bitcoin’s notorious volatility. In a Reddit thread chastising those who bought at the top on FOMO (“fear of missing out”), one Reddit user had some choice words to share:

Now here’s the question: did you buy bitcoin just because it was worth a certain amount of dollars, or did you buy it to hold a piece of the action? This is a piece of the action. Roller coaster to the moon has its ups and downs.” – zomgitsduke

Another thread was created by a user claiming to have dumped $45k into BTC at its top. He intends to exercise discipline and hold:

“Genuinely don’t give a s— that the price has corrected/crashed/whatever you want to call it. It’ll be back sooner or later. bitcoin is long term. Don’t weep.” – thesilentwitness

bitcoin To The Moon

Despite these recent setbacks, many are still confident that bitcoin’s run isn’t over yet. The market appears to remain Bullish as traders look to buy in on the massive price dip.

Do you think bitcoin is headed back up? Or do you think that the bitcoin bubble has finally burst? Tell us in the comments below!


Images courtesy of WorldCoinIndex, Shutterstock

The post Bitcoin Plummets $600 Following Volatile Thursday Trading appeared first on Bitcoinist.com.

GMO Internet Launches Blockchain OSS to Enable Widespread DLT Adoption

Distributed Ledger Technology (DLT) is one of the hottest technology platforms these days. Businesses across various industries are currently exploring the implementation of blockchain solutions into their applications. Catering to these rising requirements, few companies are involved in the development of proprietary solutions. As the technology progresses, the Japanese internet giant, GMO Internet Inc., has … Continue reading GMO Internet Launches Blockchain OSS to Enable Widespread DLT Adoption

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