Rostislav Solod, a young Ukrainian politician turned out to be a crypto millionaire after he declared $24 million in privacy coin, Monero. Solod is the son of seasoned Ukrainian politicians and members of Ukraine’s national parliament, Yuri Solod and Natalia Korolevska.
According to the publicly available declaration, 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. As of writing, the price of Monero is approximately $130, which makes the total amount about $24 million.
The recent disclosure came after Ukraine announced criminal liability against the false or misleading declaration of income. According to the newly implemented rule, violators are subject to fines and imprisonment.
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The country has been suffering from a constitutional crisis for the last few weeks after the abolition of a number of provisions of anti-corruption legislation. Amid the constitutional crisis, Ukraine’s President, Volodymyr Zelensky demanded the dissolution of the constitutional court in order to get the country back on track.
The European region has divided opinion over cryptocurrency regulation. Ukraine, a large country in the Eastern European region, has taken leads from its neighbors to draft cryptocurrency regulations but failed to provide a complete regulatory framework for individuals and companies operating under its jurisdiction. Russia passed a bill earlier this year to regulate digital assets in the country but faced criticism for its recent initiatives to treat crypto assets like property. The Russian Prime Minister, Mikhail Mishustin announced earlier in November that the government has planned to recognize digital financial assets as property and the owners of cryptocurrencies will be able to claim and protect their property rights in Russian courts.
The rate of crypto adoption in Ukraine is one of the highest in the world. A report from Chainanalysis in September mentioned that the Eastern European country topped the list of crypto adoption and digital assets transactions.