After Liechtenstein and Norway, Ukraine becomes the third country outside the European Union (EU) to join the European Blockchain Partnership (EBP). The EBP is an initiative derived by 27 member states to deliver cross border public services. Ukraine joined the European blockchain partnership as an observer.
Kyiv officials hope Blockchain technology can support post war reconstruction of the nation.
The Ministry of Digital Transformation of Ukraine revealed the nation’s step to join the EBP as an observer on June 17. With the aim of joining its digital economic space with the EU, Ukraine plans to expand its interstate blockchain network partnership with other nations.
Ukraine’s ambition to join the EBP dates back to July 2021, when Oleksii Zhmerenetskyi, the head of the Parliamentary group Blockchain4Ukraine, and Konstantin Yarmolenko, the CEO and founder of Virtual Assets of Ukraine, wrote to European Commission President Ursula Gertrud von der Leyen.
The letter revealed Ukraine’s intentions in collaborating with the EBP as well as the European Blockchain Services Infrastructure (EBSI). Ursula Gertrud von der Leyen then confirmed the prospect of Ukraine’s accession to the EBP as an observer.
Yarmolenko said Ukraine’s interest in running test-nodes of the EBSI and pilot use cases of the cross border public services relied upon the blockchain technology. He threw light upon the fact that crypto donations during the Russia-Ukraine war “proved as important support,” stating:
“Next step is full blockchain integration of Ukraine and the EU based on EBP/EBSI initiatives.”
After operating with the EBP on blockchain pilot use cases as an observer, Ukraine plans to gain full membership. Yarmolenko then revealed that Ukraine is targeting additional blockchain collaborations to offer the people of Ukraine with cross-border public services including verification of educational credentials/diplomas as well as identity credentials and refugee/asylum registration and support.
While sharing information about the partnership, Yarmolenko said that the move to join the EBP is a way to strengthen ties with the EU, saying that “I’d even call it blockchain integration with the EU.”
Moreover, showcasing one of the advantages of the EU-wide blockchain partnership, Zhmerenetsky explained that Ukraine’s accession to the EBP would decrease the recognition of Ukrainian documents for higher education and driver’s licenses for Ukrainian refugees in Europe.
Mairead McGuinness, the Commissioner for Financial Services, Financial Stability and Capital Markets Union at the European Commission, highlighted the requirement for “Regulating all crypto-assets….whether they’re unbacked crypto-assets or so-called stablecoins.”
The EU commissioner also revealed plans to discuss a proposal with the French government through Markets in Crypto Assets (MiCA) –
“MiCA rules will be the right tool to address the concerns on consumer protection, market integrity and financial stability. This is something that is so urgent given recent developments.”
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