Ukraine Joins European Blockchain Partnership, But There’s A Catch

Ukraine finally became a member of the European Blockchain Partnership (EBP). Alexander Bornyakov, Deputy Minister of Ukrainian Digital Transformation for IT Development took part in the meeting with all other EBP member countries as an observer.

Ukraine aims to integrate digital economics

Many lawmakers in Kyiv have been urging the European Union (EU) to do so for a long time. However, this move makes Ukraine the second country outside the EU to be a part of this group. Earlier, Norway was the only non-EU country to take part in the EBP. However, this big development has come amid the ongoing Russian invasion.

As per the release, the main goal of this project is to build the pan-European blockchain. This will lead to the integration of digital economics between the EU and Ukraine. However, the nation aims to expand its interstate blockchain network in partnership with other countries.

It added that a letter was sent to the President of the European Commission regarding the formation of a single blockchain infrastructure based on EBP. In response, Ukraine got the confirmation to join European Blockchain Partnership as an observer.

Big relief amid Russian invasion

Since Russia declared war on the nation, Ukraine increased its bid to join the EU to fetch support. As per reports, the country raised over $130 million in crypto from all over the world. In the month of March, “Aid for Ukraine” collected around $60 million in funds from the donors. However, the recent collapse of the global digital asset market has also devalued Ukraine’s raised funds.

Alexander Bornyakov said that the integration of the European Blockchain Partnership and Ukraine will strengthen the technology deployment in government services. This will also encourage a structured regulatory environment including the virtual assets market.

However, Ukraine’s accession to the project will also push the recognition of their nation’s refugees in Europe