Mass adoption is something that crypto believers wanted to happen. Though the crypto market is still relatively young, there are already places wherein people are slowly finding a use to it in their daily lives. In fact, Japan is one of those countries that is now accepting crypto payments. However, a small village in Ukraine is now becoming a hub for crypto activities. All residents in Elizavetovka of the Petrykivsky district in the Dnipropetrovsk region are now all owners of digital currencies.
In their village council meeting, its local deputies have decided to allow the chairman of the council, Maxim Golosnoy to carry out operations using cryptocurrencies. According to the council meeting, this is “in the interest of the territorial community without attracting budgetary funds”. And for this reason, it has allowed the small town to replenish the local budget using digital currencies.
This is an experiment in order to earn money for the entire community. According to Tsn.ua, “The village is now the first in Ukraine where the residents have become owners of digital currency”.
Investing for the Entire Village
Despite the risks involved in digital currency investing, a month ago, Golosnoy invested around $494 in Cardano. The cryptocurrency is now being used by 1,500 of its residents. The good news is that the value of Cardano was bullish and went up to $1,480. He was repaid and he already set aside the rest for the residents. He said that “from now on, each villager is an owner of several crypto units”.
Though the cryptocurrency shares of the villagers are under Maxim Golosnoy’s care, he has assured them that they can cash out at any given time. However, the residents “are in no hurry, because they still do not understand either the principle of cryptocurrency or the benefits of it for themselves”.
To showcase the village head’s belief in cryptocurrencies, he used his personal funds and not the village budget according to Akcent Media. According to the report, “Very soon, he plans to appeal to the Cabinet of Ministers of Ukraine to invest the future budget money. He expects to show the whole country how a small investment can earn on its own, and not draw money from the state treasury”.
He also hopes that the revenues generated on the initial investment be placed in cryptocurrencies. But of course, he said that it is still up to the supervisory authorities and the community if they are going to agree with this decision.
Not an Investment?
If you will ask renowned finance expert Warren Buffet, he doesn’t consider cryptocurrencies as an investment. Given large price swings, it is possible that a person could lose his or her money. In addition to this, there is no guarantee in cases when hackers attack and take out funds from exchanges and from investors’ wallet.
Is this a good plan to invest mainly in cryptocurrencies? What exactly happens if the price of Cardano takes a dive? So far, there are three draft bills in Ukraine that are being introduced pertaining to cryptos. However, none of which have been adopted yet.