The Blockchain technology, is no more a new term for government of any country, specially those who understand the importance of technology for the growth and development of their residents. Since inception of Bitcoin, blockchain technology has been spreading worldwide but after Ethereum joins the movement, mass adoption has increased significantly. It has become much easier to develop use-cases for everyday need. With smart contract running on top of Ethereum blockchain, many projects have surfaced and central agencies have started exploring the possibility of implementing as per their requirement.
Couple of years back, government of many countries were reluctant even to consider blockchain for study. Asian countries like Japan, Singapore, Hong Kong are among early adapters. Nonetheless, in past few months, many countries have moved slowly towards it. European Parliament Research Services (EPRS) published an in-depth analysis report, People bank of China announced Fintech committee, Russia announced to digitize their national currency, Australia removed double taxation and on verge of tokenizing Australian dollar, Government of India seek public opinion on its regulation, US government implementing regulations.
Recently, Government of Ukraine signed a new deal with blockchain based startup PROPY, which aims to build decentralized global estate market. This is one of the several partnerships and initiatives undertaken by the Ukrainian government to explore and adopt blockchain technology. In April 2017, The State Agency for eGovernance of Ukraine has also signed a memorandum of understanding (MoU) with the BitFury Group, the world’s largest full service Blockchain technology company to create the world’s first full-scale blockchain eGovernance program for the country.
PROPY, in partnership with the Ukrainian government, gets magnificent start to its decentralized marketplace and title registry on blockchain. This will allow foreign investors to purchase real estate more easily and securely, and enable Ukrainian properties to be sold entirely online. Propy's token sale to raise fund for the development of the project started today and will end on September 15, 2017.
Ukraine, adopting blockchain technology for real estate property sales and purchase “will benefit all counterparties in real estate transactions through fostering greater transparency, efficiencies, security, and compliance”, said Oleksandr Ryzhenko, the head of the State Agency for eGovernance of Ukraine.
“Our ambition is for Ukraine to be one of the world’s foremost nations in establishing a comprehensive blockchain ecosystem, and the real estate sector forms an important part of our overall blockchain strategy,” he added.
In a press release on August 11, 2017, the authority said that on the legal status of cryptocurrencies and its regulation, they are already engaged in a dialogue with the Ministry of Finance of Ukraine, and the issue will be addressed at the next meeting of the Financial Stability Council , which has been scheduled at the end of this month.
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