Political tension is mounting in Ukraine. The country appears to be on the verge of another revolution. Financial instability combined with a strong tendency to turn anarchistic create a volatile breeding ground for cryptocurrency adoption. A growing interest in Bitcoin may hint at what the future holds in this part of the world.
The Current Tension in Ukraine
Over the past few decades, a lot of things have happened in Ukraine. Since successfully shrugging off the yoke of the Soviet Union, the country has tried to reinvent itself. This has resulted in mixed success, although the country benefits from a relatively positive international reputation. Despite positive changes, a revolution is never far away in this part of Eastern Europe.
Contrary to what some may think, this is not a revolution invoking a civil war. Instead, it is a difference in technological ideologies. Ukraine is home to a Bitcoin revolution of sorts. An augmented reality-based statue of Satoshi Nakamoto can be seen where Lenin’s statue once stood in Kiev. While not a physical monument, it illustrates the affinity residents have with cryptocurrencies.
The interest in Bitcoin is not random. Ukraine’s national currency has seen a string of setbacks. Although this situation allows Silicon Valley firms to set up offices in Kyiv due to low prices, it is far from an ideal situation. Combined with low monthly wages and the hunger for anarchy, it is a matter of time until Bitcoin takes off in this country.
Bitcoin as a Political Tool
This impending cryptocurrency revolution highlights key statistics associated with Ukrainians. It is not a matter of believing in the state. Instead, Ukrainians have been averse to government oppression for as long as people can remember. Using cryptocurrencies seems to fit that ideology rather perfectly. It is a form of money not issued by the state or controlled by the government.
Companies across Ukraine are not just interested in Bitcoin. The growing appreciation of blockchain technology has become more apparent. It can result in a more streamlined and efficient financial ecosystem. Attracting more businesses is another added benefit. The aforementioned influx of Silicon Valley startups has created a blockchain boom, so to speak.
Addressing key issues affecting this country will be challenging for any technology. Problems such as corruption, the war with Soviet separatists, and a shattered economy will not go away overnight. Bitcoin and blockchain can introduce positive changes along the way. The current market conditions seem perfect for both technologies. However, this volatile cocktail of circumstances may not necessarily catalyze a Bitcoin revolution just yet.
What do you think about Ukraine’s growing interest in cryptocurrency and blockchain technology? Let us know in the comments below.
Images courtesy of ShutterStock
