With the ultimate objective of merging its digital economic space with the EU, Ukraine intends to develop its blockchain network relationship with other nations.
Ukraine is the third nation outside the European Union (EU) to join the European Blockchain Partnership (EBP), an effort generated by 27 member states to provide cross-border public services.
On June 17, the Ukrainian Ministry of Digital Transformation declared the country’s intention to join the EBP as an observer. With the ultimate objective of merging its digital economic space with the EU, Ukraine intends to develop its blockchain network relationship with other nations.
Beginning in July 2021, when Oleksii Zhmerenetskyi, the chairman of the Parliamentary group Blockchain4Ukraine, and Konstantin Yarmolenko, the creator and CEO of Virtual Assets of Ukraine, submitted a letter to Ursula von der Leyen, the president of the European Commission, expressing Ukraine’s desire to join the EBP, the country has been actively working toward this goal. The letter expressed Ukraine’s desire to join the EBP and European Blockchain Services Infrastructure (EBSI). Later, von der Leyen affirmed the possibility of Ukraine joining the EBP as an observer.
Yarmolenko told Cointelegraph that Ukraine is interested in operating a test node of the EBSI and prototype use cases of blockchain-based cross-border public services. During the Russia-Ukraine conflict, he emphasised that bitcoin contributions “proven to be a crucial source of assistance,” stating:
“The next phase is Ukraine and EU blockchain integration based on EBP/EBSI projects.”
After collaborating with the EBP as an observer on blockchain pilot use cases, Ukraine seeks full membership. Yarmolenko disclosed further that Ukraine is pursuing further blockchain collaborations in order to offer its residents cross-border public services, such as verification of educational credentials/diplomas and identification documents, as well as refugee/asylum registration and assistance.
Yarmolenko noted that joining the EBP is a method to deepen connections with the EU in describing the cooperation, adding, “I’d even call it blockchain integration with the EU.”
In addition, Zhmerenetsky emphasised that Ukraine’s entrance to the EBP will decrease the recognition of Ukrainian papers for higher education and driver’s licences for Ukrainian refugees in Europe, highlighting one of the benefits of the EU-wide blockchain cooperation.
Mairead McGuinness, the European Commission’s Commissioner for Financial Services, Financial Stability, and Capital Markets Union, recently emphasised the need to “Regulating all crypto-assets, whether they are unbacked crypto-assets or so-called stable coins.”
In addition, the EU commissioner revealed intentions to negotiate a proposal with the French government through Markets in Crypto Assets (MiCA):
“MiCA regulations will be the appropriate instrument for addressing concerns about consumer protection, market integrity, and financial stability. Given recent events, this is a really urgent matter.
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