Breakaway Ukraine Region Decides Official Future is Bitcoin

in #bitcoin-government8 years ago (edited)

Eastern Ukraine Region ‘Will Be Attractive’ for Bitcoin

The Donbass region, which since 2014 has been mostly controlled by a rebel government with support from Russia, is looking to stabilize its economy and attract investment via increased use of decentralized technology.This month saw the inauguration of DAO Donbass (Donbass Decentralized Autonomous Organization), which last week held a press conference to explain its intentions for the region.“We’re going to make the region attractive as a place to use Bitcoin and realize blockchain projects,” a summary of the event reads on DAO’s Facebook page.

The comprehensive support from public authorities, as well as from our main target audience, the Association of Entrepreneurs, will definitely contribute to and attract participation in DAO Donbass projects from the international Bitcoin community.

Regions making up the officially unrecognized Donetsk People’s Republic (DPR) have been under an economic blockade for the past two years, with even Russian banks officially suspending cross-border transfers due to geopolitical pressure.

Gov’t ‘Convinced of Need’ for FinTech

While in Russia the situation governing the use of Bitcoin is volatile and constricted, the movement in Donbass appears to be gaining momentum and the official blessing of the local government.“I’m convinced of the need to develop this technology in our republic,” DPR minister for education and science Larissa Polyakova said as part of the conference.Experts advising the scheme are also involved in a working group set up across the border in Russia for the study of blockchain’s potential, Forklog reports.Ironically, in neighbouring Ukraine, cryptocurrency has traditionally been treated more leniently, with the country boasting considerable consumer activity over the past few years, potentially in the wake of financial instability.The aforementioned Association of Entrepreneurs meanwhile released the results of the conference, declaring wide-ranging measures for Bitcoin and blockchain development in the region going forward.“The use of decentralized databases is not restricted to the mining and circulation of cryptocurrency,” it added.Notionally in the spirit of decentralization, DAO Donbass invites anyone to invest in its project meanwhile, its goals set out in a flush website featuring panoramic photographs of Donetsk at sunset. Its website states:

Given the difficult situation in the region, organizers have decided to allocate 10% of funds to commercial projects which will improve socioeconomic indicators and help build a transparent model for interaction between businesses and the government.

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Did they ask Putin first? He doesn't seem to like the words "decentralized" and "autonomous"...

These people do not know what they want!

interesting approach. Why do I smell Putin's involvement here. Use a supposedly unattached group to test out ways around the West's economic sanctions not only against Russia but their cohort in Iran?

Great post. The world needs to see what is really happening in the Ukraine War. You can count on a resteem from me when you post about the Ukraine War
I am independent Journalist that has been reporting on the Ukraine War, in anti Kiev- "Rebel" DPR/LPR territory for last almost 4 years( no other Western Journalist has been reporting here as long as me).
I have just been on Steemit for 2 weeks. I am loving it so far. I am happy to be the first (as far as I can tell) independent War correspondent on Steemit and Dtube. Steemit seems like a great platform with alot of potential to help spread the word on the what is really happening in the Ukraine War & show the War crimes that have been happening in Donbass. The idea of people really help others with upvotes is amazing. I am happy to bring the breaking news on the Ukraine War to the community. I just need to get a following so any helping you could give me to spread my reports I would appreciate. Thanks

Hit me up if you want to chat

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