Separatist DPR considers legalizing blockchain mining and cryptocurrency transactions

The Donbas Post, which is controlled by the so-called Donetsk People’s Republic is planning to introduce blockchain technology and cryptocurrencies, as stated in the publication ‘Ministries and Departments for 2018’ on the DNR-LIVE website.

The publication does not contain detailed information on the development of blockchain technology.

In November 2017, the Minister of Communications of the DPR, Viktor Yatsenko, called cryptocurrencies, “a promising mechanism to attract investment.”

“I am sure that many business entities in Europe, America, and possibly the BRIC countries are interested in developing production sites. But since we are in a deep economic blockade and we don’t have  international financial instruments, cryptocurrencies could be the bridge to connect our industrial potential with the demand of the global economy for our products,” he stated to DNR-LIVE.

In October 2017, publication Meduza published a report on blockchain technology in the territory controlled by the DPR. Meduza‘s interlocutors stated that there are big prospects in the [blockchain] mining of cryptocurrencies in the region because of cheap electricity, but the military conflict and the lack of guarantees by the separatist authorities discourages investors. 

  DPR, cryptocurrency, Ukraine, Donbas