People in This Village Owns a Cryptocurrency

Believe it or not, a small town situated in Ukraine has residents who are all owners of cryptocurrency. This is basically the Ukrainian village of Elizavetovka of the Petrykivsky district in the Dnipropetrovsk region. It was made possible through an initiative by the head of the village council. And yes, digital assets such as Bitcoin and Ether can be utilized in the said village when purchasing various products (e.g. eggs, milk, lard, meat, etc.)

Following a local council meeting, the deputies gave Maxim Golosnoy, the chairman of the council, the go signal to carry out operations involving cryptocurrency. And that he must do this “in the interest of the territorial community” as long as no budgetary funds are attracted. It turns out that Golosnoy has found a way to replenish their local budget just by using cryptocurrency.

It is worth noting that this is deemed as an experiment to help them earn money from their community. This village automatically becomes the first village in the country where its residents have become owners of cryptocurrencies. And apart from Bitcoin and Ether, the local council is also using Cardano in buying products.

Investing Crypto

Golosnoy revealed that he managed to invest at least 13,000 hryvnias (US$494) in Cardano sometime in April. This is the same cryptocurrency that he now provides to around 1,500 residents. Following the rise of his investment (about $1,480), he decided to repay himself the initial investment and gave the rest to the residents. This led to each village becoming an owner of several crypto units.

As of this writing, the residents’ cryptocurrency is being handled personally by Golosnoy. He has, however, assured each one of them that they can easily cash out their coins anytime they desire. Interestingly, reports say that the residents are in no hurry, as they still have no better understanding of the very principle of cryptocurrency, let alone the benefits it gives to them.

Village Head

Currently, the village head is using his own personal funds in cryptocurrency, not the village budget which people first believed in. Golosnoy added that each year, their village budget would gain a surplus of around 3 to 4 million hryvnias. He hopes that some of the revenues can be invested in digital assets but if and only if the supervisory authorities and the community approve.

Apparently, Ukraine has yet to have a legal framework for cryptocurrencies. But sometime in March, the country’s State Financial Monitoring Service of Ukraine had published its official position on digital assets. There were also three draft bills which have already been introduced albeit no one has adopted it.