Ukraine Adopts Bill For Crypto Regulation
Ukrainian lawmakers have adopted the bill for regulating cryptocurrency in the country, including the operations of crypto exchanges. The main part of the bill titled “on digital assets” is drafted from the existing policies of the FATF, whose activities transcend regions and boundaries.
The Ministry Of Digital Transformation And Cryptocurrency Sector
The country’s minister for digital transformation will be responsible for oversight functions and the bill’s implementation. A member of this ministry stated that the bill does not prevent firms from running digital currency operations in the country. Also, crypto firms can open accounts with any financial institution. The member further added that the bill protects the rights of digital asset holders, and they are permitted not to disclose their income in fiat.
However, part of the bill states that crypto-related firms must pay their taxes which the government intends to include in its yearly budget. All crypto-related firms must have a proper business structure, including the provision of various anti-money laundering measures.
The ministry’s deputy head, Oleksandr Bornyakov, also stated that the bill would contribute positively to the growth of the country’s economy and even entice foreign investments. In late august 2021, Mikhail Fedorov, Ukraine’s minister for digital transformation, announced that the country is test running a national digital currency, including using it to pay salaries. Ukraine has already passed its national digital currency regulation two months ago.
Meituan Airdrops Digital Yuan For Free
While Ukraine is starting the initial pilot stage of its national digital currency, China is moving to the next stage. A Chinese news site, cnstock.com, reports that Meituan (a global delivery platform) would give out free “red packet” digital yuan from September 9 to December 31, 2021.
Interested users can search for “red packet” when inside the Meituan app. Then, they can discover their eligibility and the registration process. Users who receive the digital yuan can use it to pay for the platform’s bike services.
The announcement also emphasizes the currency does not expire and can be used to purchase other services on the platform. Aside from Meituan, there are three other participants in this stage of china’s national digital currency.
A top-level executive of Meituan stated that “we are proud to associate our brand with the country’s carbon neutrality objective. Hence, we won’t mind that our users can be part of this experience which includes the combination of carbon-neutrality goals with daily travel life.”
China Increases CBDC Focus
Following the crackdown of crypto miners across the country, China has hastened the implementation of its CBDC initiative. Asides from carbon neutrality goals, china also wants to use its national digital currency to decrease dependence on the USD and other top currencies.
Now that private cryptocurrencies are virtually non-existent in the country, china’s goal of making its digital yuan the focus of all transactions in the country is becoming a reality. A statement credited to china’s apex bank affirms the tedious part of the pilot phase has been completed.
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