To say there are many problems and crisis taking place in the Ukraine would be an understatement. The last two years have been a study in turmoil and internal strife, either socially, geopolitically, or in regards to their fiscal responsibility, which I will get to later. Little has gone well as of late, but there may be blue skies on the horizon for this country caught in the crosshairs of life. The National Bank of Ukraine has taken an interest in making Bitcoin and the world of cryptocurrency a significant part of their economic future.
Ukraine continues to walk the road less traveled
If you are new to how life works in the 21st century, your country is run by your central or national bank as much as by any other entity. Bankers have a way of controlling large aspects of society, if it is in their best interest and stockholder’s dividends, to do so. Politicians get funded, directly and indirectly, through the banking system, kind of like how a the trucking industry influences food sales and production. So when a leading bank talks about the future of the national monetary system, citizens, and politicians, should take heed.
Natalia Lapko, the head of payment systems department of the National Bank of Ukraine, has taken aim at being on the forefront of economic innovations like Bitcoin, and her recent commentary on digital currency’s place in the Ukraine’s future has now made news.
“The National Bank of Ukraine will keep on studying the experience in implementation of innovative payment products, and monitor the policies carried out by central banks and governments of other countries to settle the virtual currency issue within Europe and global contexts. I don’t think that the world community will leave the phenomenon completely uncontrolled,” Lapko told Russian news website Forklog recently.
The national bank is said to be in negotiations with the Bitcoin community on future application measures. Bitcoin integration may need a larger legal framework for full integration, but creating more cashless transaction options for consumer,s and small businesses is a short-term goal. By 2020, this country wants to be ready for a future filled with electronic cash payments systems like Bitcoin
“We realize that basic functionality may be satisfactory for the market only for a short while, says Sergei Shatski, the head of retail payments department at the National Bank of Ukraine. “The future belongs to advanced technologies. The regulator approves of all initiatives promoting cashless payments in Ukraine. We are open to discussions on all new trends in this regard.”
Such openness to financial innovation may come more easily for the Ukraine due to the severe economic issues they face currently. RT on Friday released a cutting video piece about the clashes in Parliament, the excessive levels of corruption, and the fact that the country is already in a state of economic bankruptcy. Now that the leading bank is plotting out the next five years for the country’s economy, it looks like these upgrades couldn’t come a moment too soon.
What do you think about the Ukrainian National Bank’s interest in Bitcoin? Let us know in the comments below!
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