Self-Proclaimed Donetsk Republic Discusses Possible Bitcoin Integration
â€śDonetsk People’s Republicâ€ť, the pro-Russian breakaway region of Eastern Ukraine, could integrate blockchain-based payment solutions. At least, this was something DAO â€śDonbassâ€ť represented by â€śBitcoin Donbassâ€ť and the ministries of the self-proclaimed republic discussed on Wednesday, September 14, as part of the task force set up earlier this year.
According to the press release, the discussion touched upon such issues as lack of international and domestic payment options for legal entities and individuals in the region, as well as ways of implementing cryptocurrency settlement systems.
The task force has also studied possible use of traditional Bitcoin wallets linked to an individual or legal entity. Additionally, a hybrid scheme that includes a development of a local cryptocurrency for domestic cashless transactions and use of Bitcoin as means of cross-border payments has been proposed.
â€śCryptocurrencies and blockchain will help to put an end to the economic isolation of the region. Entrepreneurs and individuals will be able to transfer money all over the world without any limitations. All this will be happening with the Central Bank and the tax service participation, of course,â€ť said Roman Morgunov, CEO of “Bitcoin Donbass”.
The meeting resulted in the decision to establish legal and technical subgroups, the former will be responsible for the legal issues, the latter will be handling the technical side of the project including documentation and the source code.
â€śWith the integration of cryptocurrencies into the economy, entrepreneurs will be able to not only make international payment transactions, they will also get access to credit financing and investments in Bitcoins. What we have to do is to show the global community that we are capable of offering this form of interaction (Decentralized Autonomous Organization “Donbass”) bypassing sanctionsâ€ť, – added Morgunov.
DAO Donbass was launched in August 2016 at the â€śCryptocurrency and Blockchain Technologies: A Tool for Economic Developmentâ€ť conference in Donetsk and hopes to attract international developers in order to create a blockchain-based product for local humanitarian organizations.
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