Bitfury has started to cooperate with the state Ministry of Digitalization of Ukraine
27.07.2020
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Bitfury is a tool for tracking cryptocurrency transactions. The Ministry of Digital Transformation of Ukraine, which is the main government body regulating work with cryptocurrency, will cooperate with this company. In this way, the Ministry of Digital Development wants to speed up the “formation and legalization” of the market.
As was officially announced on July 23, the ministry signed an agreement with the cryptographic product Birfury, known as Crystal.
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Bitfury Company Description
Established in 2018 by the multi-industry blockchain company Bitfury Group, Crystal Blockchain is focused on creating software for tracking cryptocurrency transactions. Crystal employees will now provide the ministry with expertise in the field of cryptoanalytics. According to Crystal, the ministry’s management will be trained in professional monitoring of virtual asset transactions through the platform. Bitfury is known for providing the Russian authorities with blockchain technology so that they could conduct online voting during the amendments to the Russian Constitution in 2020. Earlier in July, the Ukrainian parliament registered a bill on virtual assets. It proposes legalization and a regulatory framework. In May 2020, the Ministry of Digital Transformation approved the crypto bill "On Virtual Assets". As reported, the bill intends to determine the legal status of crypto assets in Ukraine.Ukraine will study the sources of illegal transactions
According to the ministry, the goal of the cooperation is "the formation and legalization of the virtual asset market in Ukraine." The official statement notes that by implementing Crystal's analytical solutions, the Ukrainian government plans to establish the source of illegal transactions. Kirill Chikhradze is the director of the Crystal Blockchain product. He believes that the collaboration will bring further widespread adoption in the crypto industry. [su_quote cite="Kirill Chikhradze" url="https://crystalblockchain.com/"]The Crystal Blockchain team is pleased to assist the Ukrainian government as the country steadily moves towards further adoption of cryptography. We are proud to help with the implementation of anti-money laundering laws in Ukraine.[/su_quote] According to the information on the Crystal website, the platform supports a large number of cryptocurrencies, such as:- Bitcoin (BTC);
- Ether (ETH);
- Tether (USDT);
- XRP;
- as well as ERC-20 and ERC-721, or so-called non-fungible tokens (NFTs).