Chainalysis, a blockchain analytical firm, revealed in a survey that Ukraine is increasingly becoming a country that is widely adopting Bitcoin (BTC) and other crypto assets, as investors bought $400 million in virtual currencies in 2020. That said, the nation ranks 10th globally in terms of bitcoin investment gains, per Kyiv Post.
With the existing figures revealed by the firm, Ukraine hits similar figures as South Korea, the Netherlands and Canada on crypto gains, considering that these countries have solid economies. Last year, Chainalysis named Ukraine the leader in crypto adoption among people. However, the ranking in estimated realized Bitcoin gains is still led by the United States, which accounted for $4 billion in profits over 2020.
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“The data suggests that Bitcoin has given investors in emerging markets access to a high-performing asset, the likes of which they may not have otherwise had access to. On the other side of the coin, it also suggests that countries attempting to limit cryptocurrency usage through harsh regulations are preventing their citizens from taking advantage of the opportunity,” the study said.
Current Crypto Status in Ukraine
The current figures in Ukraine regarding cryptocurrencies are not surprising, as the country keeps taking steps towards creating legal frameworks to regulate the industry. In addition, politicians have taken initiatives to disclose their digital asset holdings publicly.
Rostislav Solod, a young Ukrainian politician, turned out to be a crypto millionaire after he declared $24 million in privacy coin, Monero. According to the publicly available declaration, reported last year by Finance Magnates, Solod acquired 185,000 privacy coins in 2015 at a price of roughly $0.4, the total amount cost him nearly $74,000 at that time. Also, local authorities like the Ukrainian National Agency for the Prevention of Corruption (NAPC) defined digital currencies as a type of intangible asset early in 2020.