The increasing popularity of the digital currency market has encouraged central banks throughout the world to consider developing their own centralized digital currencies. This trend is understandable, granted that governments and traditional financial institutions are interested in keeping their control over the financial system.

Recent reports indicate that Ukraine has ramped up development of its central bank-based digital currency (CBDC). In fact, the country’s central bank has already finalized a pilot scheme for the national cryptocurrency, referred to as the e-hryvnia.

Despite the fluctuating crypto price drops present during the last few months, governments are still interested in regulating and profiting off the digital currency revolution.

With this in mind, recent reports indicate that the Ukrainian Parliament is interested in imposing a tax on digital currency-related profits of its citizens. To put things better into perspective, the country’s legislative body has proposed a bill that would impose a 5% tax on all crypto profits attained by both commercial entities and individuals.

While there are countries which are actively trying to limit the usage of bitcoin, other nations such as Ukraine are looking for innovative ways to use bitcoin and its underlying technology, the blockchain, to encourage progress.

With this in mind, recent reports indicate that Ukraine’s Minister of Finance, Oleksandr Danilyuk, who spoke for the Blockchain Incredible Party Conference on Thursday, shared his vision on Ukraine becoming a leading nation in terms of blockchain technology use. Danilyuk explained that it would do a great job in public service management, while also improving the overall efficiency and transparency of the government.

Ever since the civil war started and Russia invaded Crimea, Ukraine has been in a constant crisis, which reshaped the country, the government and its laws, while also greatly changing the region and slowly transforming it into a different land.

So far, there have been few countries affected by economical disasters, which begun looking into the possibility of adopting Bitcoin. Some examples include Greece and Zimbabwe, but it’s like that Ukraine might join the ship as well. According to the latest reports, it looks like Ukraine may soon legalize Bitcoin and look for ways to promote the digital currency in the region. With this in mind, the National Bank of Ukraine, also known as the NBU is looking into the possibilities of implementing the bitcoin technology into the country’s financial system.