Tuesday, June 6, 2023

Ukraine Joined The European Blockchain Partnership: Report

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Ukraine joined the European Blockchain partnership with the ultimate goal of integrating the digital economic space with the EU Region so let’s read more today in our latest blockchain news.

Ukraine joined the European Blockchain Partnership and hopes to expand the blockchain network partnership with other countries as well. After Lichtenstein and Norway, Ukraine is the third country outside of the EU to join the Blockchain Partnership as an initaitive derived by 27 member states to deliver public services.

The Ministry of Digital Transformation of Ukraine announced the country will join the EBP as an observer on June 17 with the goal of integrating the digital economic space with the EU and plans to expand the interstate network partnership with other countries. Ukraine’s intent to join the eBP dates back to 2021 when Oleksii Zhmerenetskyi is the head of the Parliamentary group, Blockchain5Ukraine, and Konstantin Yarmolenko who is the founder of Virtual Assets of Ukraine and even wrote a letter to Ursula von der Leyen as the president of the EU commission.

european blockchain

The letter declared Ukraine’s interest in joining the EBP and the EU blockchain services infrastrcuture but von der Leyen confirmed the prospect of Ukraine’s accession to the EBP as an observer. Yarmolenko also stated that Ukraine’s interest in running a test node of the EBSI and pilot use cases of the cross-border public services based on blockchain. He outlined the crypto donations during the Russia-Ukraine war proved to be strong support:

“Next step is full blockchain integration of Ukraine and EU based on EBP/EBSI initiatives.”

After working with the EBP on the blockchain pilot use cases as an observer, the country aims to gain full membership, and Yarmolenko revealed that Ukraine is targeting additional blockchain partnerships to provide the citizens of the country with cross-border public services like verification of education credentials and diplomas as well as identity credentials. While sharing details about the partnership, Yarmolenko noted that the move to join the EBP is a way to enhance ties with the EU. Furthermore, pointing out one of the advantages of the EU-wide blockchain partnership, Zhmerenetsky noted that Ukraine’s accession to the EBP will reduce the recognition of Ukrainian documents for better education and driver’s licenses for the refugees in EU.

The Commissioner for Financial Services Mairead McGuinness, highlighted the need for regulating crypto assets whether they are unbacked assets or stablecoins. The EU commissioned disclosed plans to discuss a proposal with the French government:

“MiCA rules will be the right tool to address the concerns on consumer protection, market integrity and financial stability. This is something that is so urgent given recent developments.”


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