- Blockchain adoption is rising across the globe especially in Eastern Europe.
- Georgia, Russia, Ukraine, Belarus, and Kazakhstan are top of the list.
- Post Soviet era is tough for most countries where blockchain seems to be a solution.
The Russian Soviet Union’s cessation resulted in the liberation of several countries. However, three decades is relatively a short time to completely break out of the realms and shackles of Russia’s strong force. Having said that, it indeed comes as a surprise that post-soviet nations have taken drastic steps to opt the blockchain technology.
Struggling to cope with modern standards across all industries, post-soviet, these countries were lagging in most, if not all, economic sectors. Blockchain adoption seemed increasingly appealing as the technology worked in a different realm away from conventional channels restricted through traditional power forces worldwide. Not to mention, it also serves as a technique to catch up with the latest financial trend in the post-COVID-19 world.
Why blockchain adoption is rising in Eastern Europe?
Georgia has quickly embraced blockchain technology and stands ahead in the game with its tech-friendly features and cryptocurrency accessibility.
Ukraine has been making headlines in the blockchain adoption, from passing laws to legalize cryptocurrency to implementing FATF ruling to diminish money laundering fraud. 2020 marked the inception of Ukraine’s first and one of a kind national blockchain system expected to digitize voting, enable the use of smart contracts, and establish a national cryptocurrency.
Calling Ukraine the capital of crypto amongst the post soviet group, Don Tapscott, a Canadian blockchain expert, recognized Ukraine for its effort in practically applying blockchain concepts within the country.
Upon acquiring office, the Belarusian President Alexander Lukashenko initiated the development of reforms to facilitate cryptocurrency trade as an exchange operator and, in turn, built a large crypto network within the country.
Kazakhstan’s stance on the digital industry has been fairly mixed. Initially strengthening restrictive and prohibitory laws around the crypto trade in 2018, the country has recently passed a bill accepting cryptocurrency as a digital asset with a limited monetary function.
Russia has by and largely accepted cryptocurrency as a whole. Ranked 18th in blockchain business projects development, 54 percent of Russian citizens are interested in saving money through Bitcoins as per a study by the Institute of Public Opinion conducted in early 2020.
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