According to mandatory asset disclosures, cryptocurrency investments have gained in popularity among Ukrainian lawmakers in recent years. As per the media reports, a member of the Virovsky village council in western Rivne oblast claimed to have 124 BTC, which would be worth about $ 8 million at today’s market.
Vladimir Pachesny bought the coins in early 2013 for 73,920 hryvnia, or a little over $ 2,800, at the time of purchase, using the inflated Ukrainian fiat currency’s current exchange rate. With his bitcoin acceptance and possession statements this year, the 36-year-old local MP also acquired 500 shares of Tesla, a U.S. electric car manufacturer, sending crypto values upward.
Ukrainian politicians investing in cryptocurrency
Pachesny is not the first nor the wealthiest cryptocurrency investor among Ukrainian politicians, but he has positioned himself as a pioneer in the use of cryptocurrencies. According to an April article, government officials and politicians possessed 46,351 bitcoins worth 75 billion hryvnias (nearly $ 2.6 billion) at the time, with Mishalov Dmitrovich, a member of the Dnipro municipal council, holding the greatest stockpile of 18,000 bitcoins.
According to numbers obtained by the Opendatabot website, which monitors public records in Ukraine, public officials acknowledged possessing a total of 46,351 BTC and various other digital currencies, including ETH, LTC, BCH, and XMR, in their 2020 declarations. Not all of them, however, were able to offer the required documentation to indicate that they are inspecting the components. The National Corruption Prevention Agency (NAPC) committed to double-check the figures this spring.
Another Ukrainian MP Unable to Account for Owned Cryptocurrency
In September, Ukrainian media claimed that a member of President Zelensky’s Servant of the People party had been unable to authenticate his digital assets. His wife, Maria Saltykova, had 42 BTC last year, according to data supplied by the politician, but NAPC stated he had not presented any evidence proving the correctness of this information. The deputy merely said that the cryptocurrency was held on a hardware wallet that was taken from him earlier this year when his vehicle was stolen.
At the time of purchase, the cryptocurrencies were valued at more than 2.7 million hryvnia (about $106,000). Skorokhod informed the NAPC that since she did not know anything about digital money, her husband handled all of the coin transactions on her behalf. She further said that following their divorce, she had no access to the keys or any supporting documentation.
Virtual Assets of Ukraine, a non-profit organization, and the Blockchain4Ukraine association, which brings together politicians from various political parties in the Ukrainian parliament, have advocated enacting a provision that would promote transparency in officials’ assets declarations. The two organizations demand that public officials provide their bitcoin wallet addresses in their statements.
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