Proposal to Zelensky: issue a national token

The public union “Virtual Assets of Ukraine” has put forward an initiative to implement asset tokenization at the state level. Members outlined their proposals in a letter addressed to the president, the prime minister and the minister of digital transformation of Ukraine.

The authors of the idea proposed studying the possibility of tokenizing natural resources, and to use the technology within the framework of the “Economic Passport of the Ukrainian” project.

“Any asset and its ownership rights can be designated by a cryptographically secured token. This will increase their transparency, and using blockchain in the privatization mechanism will attract foreign investment,” said Konstantin Yarmolenko, the CEO of the union.

In the context of the “Economic Passport of the Ukrainian” project, this would allow the issuance of the national Token UA (TUA), backed by Ukraine’s state assets.

“A token secured by modern cryptography can be used to give citizens a share of the income from state assets,” said representatives of the organization.

In November 2020, “Virtual Assets of Ukraine” had already reported readiness to develop concepts for the mechanism of tokenizing state assets and deploying blockchain in the operation of state registries.

At that time, representatives of the Ministry of Digital Transformation supported the initiative and expressed willingness to join the development of the necessary regulatory acts.

Members invite the authorities to discuss project details for further cooperation in its implementation.

In Kyiv, the public union “Virtual Assets of Ukraine” was founded in late November 2020. It includes the public organization Blockchain4Ukraine, legal firms Arzinger and Juscutum, and the Binance exchange.

On December 2, the Verkhovna Rada of Ukraine approved in principle in the first reading the draft law “On Virtual Assets,” regulating cryptocurrency operations on Ukrainian territory.

Subscribe to ForkLog news on Facebook.