Ukraine gov't plans to auction seized assets on blockchain - media

12:00, 08 September 2017
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Ukraine's justice ministry has begun testing the use of a blockchain to digitally auction seized assets, CoinDesk reported citing Reuters.

REUTERS

The use of the platform will expand as the year progresses, with an eye to implementing state property and land registries onto the blockchain by the end of the year, CoinDesk wrote.

According to the Reuters report, Deputy Minister Serhiy Petukhov explained: "We want to make the system of selling seized assets more transparent and secure so that the information there is accessible to everyone, so that there aren’t concerns about possible manipulation."

Read alsoUkraine to decide legal status of cryptocurrencies in 3 weeks - mediaTowards this goal, the government has been formally partnered with blockchain firm Bitfury since April.

CEO of Bitfury, Valery Vavilov, stated at the time that, "A secure government system built on the blockchain can secure billions of dollars in assets and make a significant social and economic impact globally by addressing the need for transparency and accountability."

Read alsoUkraine's first six cryptomats installed in KyivThe partnership represents an effort within Ukraine to modernize institutions and reduce corruption through blockchain tech. In exchange, the Ukrainian authorities have been granted a $40 billion bailout from the International Monetary fund and other donors, Reuters reported.

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