Everyone in this village now has cryptocurrencies

In a small village in Ukraine, all residents are now owners of cryptocurrencies, thanks to an initiative of the head of the village council. Cryptocurrencies, such as Bitcoin, can also be used in the village to buy items such as eggs, lard, meat and milk.

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All residents possess cryptocurrencies

In the Ukrainian village of Elizavetovka, in the district of Petrykivsky, in the Dnipropetrovsk region, all residents now own some digital currency, according to local media.

At a recent meeting of the village council, the local deputies decided to allow the council president, Maxim Golosnoy, "to carry out cryptocurrency operations in the interest of the territorial community without attracting budgetary funds," Comments.ua reported. Golosnoy "has discovered how to replenish the local budget with the help of cryptocurrencies," elaborated Akcent Media.

Citing that this is an experiment designed to earn money for the community, Tsn.ua emphasized:

The village is now the first in Ukraine where residents have become owners of digital currencies.

In addition, the news reported that the Bitcoin, Cardano and the Ether can now be used in the town, as to buy meat, butter, eggs and milk.

Investments in the Town

A month ago, Golosnoy invested 13,000 hryvnias, approximately US $ 494, in Cardano, the cryptocurrency that it now provides to 1,500 of its residents, Akcent Media reported.

After the value of this investment amounted to about 39,000 hryvnias, about US $ 1,480, the 13,000 hryvnias were paid and he claims to have left the rest aside for his residents, Tsn.ua explained, adding that "from now on further on, each villager owns several cryptographic units. "

For now, residents' cryptocurrencies are under Golosnoy's care, although he has assured his villagers that they can withdraw their currencies whenever they wish, the publication said, adding that residents "are not in a hurry because they still do not understand the principle of cryptocurrency or the benefits of it for themselves ".

Currently, the village head has invested his personal funds in cryptocurrencies and not in the village budget, stressed Akcent Media, noting that:

Very soon he plans to appeal to the Cabinet of Ministers of Ukraine ... to invest the money from the future budget. He hopes to show the whole country how a small investment can win on its own, and not take money out of the state treasury.

Golosnoy noted that each year the village budget has a surplus of "3-4 million" of hryvnia, and hopes that "at least some of the income can be invested in cryptocurrencies ... if the supervisory authorities and the community allow it", Tsn.ua detailed.

Ukraine currently does not have a legal framework for cryptocurrencies. However, in March, the State Financial Supervision Service of Ukraine published its official position on cryptocurrencies. Meanwhile, three bills have been submitted, but none has been approved.

Source: news.bitcoin.com