Ukraine is legalizing crypto

Neither is the underlying blockchain technology or all the potential for digitizing assets that it brings with it.

Crucially, the blockchain community was also included, in the form of Alex Alexandrov, founder and CEO of AI-enabled blockchain Velas.

His company is based in the heart of Switzerland's Crypto Valley, and he also serves as a Board Member for the Blockchain Society in Canada.

The Velas CEO in a prime position to assist the Ukrainian government in leveraging blockchain and cryptocurrencies as part of its broader economic and digital transformation initiatives.

Implementing Blockchain Technology in GovernmentMany governments have already started to recognize the potential that blockchain technology can bring.

"Mr. Zelensky has expressed significant interest in allowing systems that will enable voting on the blockchain for the next election. Such a system will avoid voting fraud, encourage higher turnouts, better voter participation, and improved transparency."

With news outlet Pravda, Ukrainian Deputy Prime Minister Mikhail Fedorov elaborated further on the government's blockchain plans.

"Zelensky wants to make Ukraine an example country for the world countries in how to implement blockchains, how to use cryptocurrencies, and how to create transparency in all economic facets to eliminate corruption."

Overall, Ukraine appears to have laid fertile ground for the adoption of cryptocurrencies and broader blockchain technologies.

Some countries are recognizing the potential that blockchain and cryptocurrencies can bring, whereas others may take longer.