Ukraine wants to be the crypto capital of the world

What about the corruption that is rampant in this country and which could intimidate would-be emigrants? Future administrations might no...


What about the corruption that is rampant in this country and which could intimidate would-be emigrants? Future administrations might not allow tech companies to thrive without raids and foreclosures. Russia is threatening from the east. There are also revolutions to be feared. There have been two since 2004.

Even without another revolution, Steven Hanke, a Johns Hopkins University professor of applied economics and Bitcoin skeptic, says the combination of Ukraine and crypto sounds like a fiasco in the making. Most of the studies he looked at found that about half of all Bitcoin transactions are for illegal purposes. For him, this is not an industry that Kiev should target with seductions.

“The country has endemic corruption and criminal syndicates are swarming everywhere,” he said. “Ukraine will appeal to shady characters because shady characters like to enter countries like Ukraine.”

Mr. Bornyakov disagrees, although he offers a special form of comfort. It doesn’t matter who is in charge, he argues, foreigners will benefit from some kind of built-in protection, just because they are foreigners.

“You can go to Egypt, where I know there are a lot of problems too,” he said. “But if you are a tourist, no one will hurt you, no one will touch you because at the DNA level people know that tourists bring them money. We kind of want to create a similar situation here.

As Mr. Chobanian proved after police raided his home, the major assets of a tech firm cannot be confiscated in the same way that a malicious gamer could take over, say, a power plant or nickel mine. It would be a challenge to appropriate a knowledge firm like Hacken, based in Kiev, for example, a cybersecurity firm specializing in blockchain work. Its value lies in a group of white hat hackers who are spread all over the world.

Her co-founder, Evgenia Broshevan, sat in a boardroom at Creative States and reflected on how she became a leader in such a male-dominated industry. All credit to her grandmother, she said, a math teacher who also seems to have given her a knack for hands-on thinking which is clearly a requirement in Ukraine.

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Newsrust - US Top News: Ukraine wants to be the crypto capital of the world
Ukraine wants to be the crypto capital of the world
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