Ukraine planning to increase its statewide public blockchain relationships with other nations, with the eventual goal of merging its financial technology sector with the EU.
Ukraine has become the first ue state outside the European Union (EU) to enter the European Blockchain Partnership (EBP), an effort developed by 27 member states to supply cross-border social programs. Norway and Liechtenstein were the first.
On June 17, Ukraine’s Ministry of Digital Tthe transformation declared the country’s willingness to enter the EBP as a participant. Ukraine planning to increase its statewide public blockchain relationship with other nations with the eventual goal of merging its region’s financial sector with the EU.
Ukraine’s interest in joining the EBP dates back to July 2021, when Oleksii Zhmerenetskyi, the leader of the Parliamentary group Blockchain4Ukraine, and Konstantin Yarmolenko, the president and chairman of Virtual Properties of Ukraine, submitted a letter to European Commission President Ursula von der Leyen. Ukraine expressed its desire to join the EBP and the European Blockchain Services Infrastructure in the letter (EBSI). Ukraine’s potential membership in the EBP as an investigator was later revealed by von der Leyen.
Ukraine’s intention in building a test node of the EBSI and pilot use scenarios of bridge social programs blockchain-based was expressed to Cointelegraph by Yarmolenko. He stated that cryptocurrency payments “proven to be vital assistance” during the Russia-Ukraine conflict.
“The next step is for Ukraine and the EU to fully integrate their blockchains, centred on the EBP/EBSI projects.”
Ukraine hopes to obtain full membership after collaborating with the EBP on cryptocurrency pilot use applications as an observer. Yarmolenko went on to say that Ukraine is looking for more blockchain collaborations to deliver cross-border social programs to Ukrainian people, such as confirmation of academic credentials/diplomas and identifying documents, as well as refugee/asylum enrollment and assistance.
While discussing the cooperation, Yarmolenko noted that joining the EBP is a method to deepen connections with the EU, even going so far as to say, “I’d even call it blockchain unification with the EU.”
Furthermore, Zhmerenetsky emphasized that Ukraine’s entrance to the EBP will limit the acceptance of Ukrainian papers for postsecondary learning and license plates for Ukrainian refugees in Europe, which is one of the benefits of the EU-wide blockchain cooperation.
Mairead McGuinness, the European Commission’s Commissioner for Financial Services, Economic Security, and Stock Exchange Union, recently stated that “all crypto-assets — whether they’re unbacked virtual currency or so-called stablecoins” must be regulated.
The EU commissioner also stated that he intends to explore a suggestion with the French government through MiCA (Markets in Digital Currencies):
“MiCA laws will be the most effective vehicle for addressing consumer rights, fair trading, and economic security problems.” Given recent events, this is a matter of extreme urgency.”
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