The American publication Foreign Policy has published a long article stating that Ukraine wants to become the center of cryptocurrency, as well as that the country should soon adopt a law “On virtual assets”, which is designed to legalize cryptocurrencies and operations related to them. According to the source, cryptocurrency can “turn a country in trouble into an international center with favorable conditions for advanced financiers.”
According to Correspondent, a bitcoin mining farm will soon open next to the Zaporozhye nuclear power plant, Europe’s largest nuclear power plant. The project was signed last year with a private Swiss company H2, which is investing $ 700 million. Another farm is being built next to the Rivne NPP in partnership with the Dutch blockchain company Bitfury. The location next to nuclear power plants is ideal for mining farms that consume huge amounts of electricity.
Also, Ukraine plans to actively attract cryptocurrency business with the help of low taxes: companies will pay 5% of profits and will not pay VAT, and individuals will pay 5% with a grace period until the end of 2025.
Correspondent claims that Ukrainians rank first in the world in the use of cryptocurrencies. On average, the daily volume of transactions with cryptocurrency in Ukraine today ranges from $ 150 to $ 200 million.
Today in Ukraine there are about 100 companies working in the field of cryptocurrencies. According to Hacken, between July 2019 and June 2020, $ 8.2 billion worth of cryptocurrencies were withdrawn from Ukraine, and $ 8 billion was introduced.