|Ukrainian national flag, overlapping GIFX coin / Photo file|
Cryptocurrency is a global phenomenon with somewhat unique developments and holds good potentials for the future. However, not all countries have a unified approach when it comes to legislative regulation yet. There are nations that recognize cryptocurrency as a means forward, some regard the activities as illegal, while others allow it to be legally conducted throughout its territory.
Ukraine is a hotbed for cryptocurrency adoption, with a 42 million tech-savvy population, blockchain developer community, and crypto-curious government that is currently working on future regulations that will harmonize the blockchain community as a whole. Ukraine, Russia, the US, Turkey, and Nigeria are the top countries with GIFA cryptocurrency users, although there are some users from other countries like Zimbabwe, DRCongo, and others not mentioned here in this article. The participation in GIFX's initial coin offering (ICO), they made is much appreciated!
Adoption Of Cryptos In Ukraine
The vast majority of European countries, including Ukraine, have chosen a steady way of introducing cryptocurrencies, accepting transactions with digital currencies, and recognizing them as a valid means of payment—or at least as a commodity. There is no explicit restriction to conduct business in the field of cryptocurrency and certainly, no cryptocurrency trading ban by any respective legislation.
Therefore, it’s quite legal and easy for crypto traders in Kiev, Odesa, or Ivano to buy GIFA Token with no headache. The cryptocurrency exchanges and mining farms in that Eastern European country are conducting or participating in the initial coin placements (ICO) and do withdraw cryptocurrency into fiat (money).
Users in Ukraine who are buying GIFA Token majority fall into the category of civil servant. 65% of Ukrainians are also owning other cryptos include Bitcoin. The Opendatabot also reported that public officials have ether, litecoin, and stellar. The largest number of owners of cryptocurrencies work in city councils, the Ministry of Defense, and the National Police; per a translated version of Opendatabot’s report.
''About $2.6 Billion worth of Bitcoin is owned by the Ukrainian public officials.''
The report highlighted that Mishalov Vyacheslav Domitrovich, a deputy in Dnipro, has a bitcoin trove of 18,000 BTC — worth well over $1 billion at the time of this writing. Lensky Peter Sergeevich of Ukraine’s Ministry of Foreign Affairs holds 6,528 BTC. And Urbansky Alexander Igorevich of the Odessa Regional Council holds 5,328 BTC.
The patterns for crypto usage varies from country to country. Ukraine and Russia are actively using crypto to send money for business-to-business and cross-border transactions, avoiding cumbersome banking regulations. In Russia, and Ukraine, crypto adoption is most driven more by retail investors.
Michael Chobanyan, founder of Ukraine’s first crypto exchange, Kuna, said small businesses, which are using crypto to circumnavigate foreign currency regulations, might be turning around up to $5 million worth of crypto every week, according to a loose estimate.
“Ukrainians using cryptocurrencies for investments and trading.”
They mostly pay for imports coming from Turkey. There are many retail crypto investors in Ukraine, too, Chobanyan believes. Kuna sees about $800,000 worth of retail crypto trades daily, he said. And this is just a fraction of overall retail volume, given the popularity of exchanges like Binance and EXMO, as well as numerous cash over-the-counter dealers in the country.
Retail investors are interested in crypto as there are not many other options for savings and passive income in Ukraine. The economy is small and there is no national stock market. Banks often fail and investing in real estate is too expensive for most people, Chobanyan added. Crypto, on the other hand, has a low barrier to entry, easier compliance requirements, and is safer than just holding onto cash. Crypto is a hedge against the volatility of the national currency, Ukrainian hryvnia, and against the general instability of Ukraine’s political and economic meltdown.
Though GIFA Token is not widely utilized in that country yet, that has not dissuaded the Ukrainian users from investing in GIFA Token, chasing whales in Turkey that stock up / holding GIFA Token in bulk. Ukraine is the right place that encourages crypto adoption through friendly regulation, which soon will push the country to the #1 spot of GIFX users. So far, GIFA Token has proven to be a good decision to make, investing some of your cash and watch it grow. GIFA Token price doubled in the first 4 months of the year, skyrocketing in April by over 980%, and increase its value. As of today, GIFA Token price is trading at $350.2.