The Ukraine Plans to Legalize Cryptocurrency

According to a report in the independent Ukrainian news publication Ligamedia, the Ukranian government has plans to legalize cryptocurrency.

Incoming Digital Transformation Deputy Minister Alexander Bornyakov said in a recent presentation that Minster Mikhail Fedorov will authorize the legalization. Cryptocurrencies are not currently illegal in Ukraine but explicitly legalizing cryptocurrencies will benefit Ukraine and it’s government via taxation. According to Bornyakov “People who [are engaged in cryptocurrencies] should get out of the gray zone and start paying taxes.” In the future, he sees Ukraine being able to “earn from cryptocurrency traders” as well.

As part of the plan, the Ukraine will also transfer public registries and documents to a public distributed ledger managed by the government. (Positive)

Ripple Expands into Iceland

On September 30, Ripple is expanding its engineering team and moving into a new geography with the acquisition of Iceland-based crypto trading firm Algrim.

The Algrim team will add six engineers to Ripple’s ranks, with a focus on integrations with partner crypto exchanges. The team will work to expand Ripple’s cross-border payment corridors and contribute to the ongoing development of the company’s on-demand liquidity product, said Amir Sarhangi, Ripple’s vice president of products. Ripple did not disclose the financial terms of the acquisition.

“It’s about expertise,” Sarhangi said. “This team hits the ground running as opposed to building out a team that has to gain this knowledge.”

The purchase is also the company’s first expansion into Iceland. Ripple has a physical presence in San Francisco, New York, London, Mumbai, Singapore, São Paulo and Sydney. The company wants to expand its ability to hire engineering talent as it moves into new parts of the world, Sarhangi added. (Positive)

New Balance to Use Cardano Blockchain to Confirm Product Authenticity

Cardano CEO Charles Hoskinson announced that New Balance will be using the Cardano blockchain to help authenticate its products.

Charles Hoskinson, CEO of blockchain engineering startup IOHK, announced that American footwear brand New Balance will use the Cardano blockchain to allow its customers to verify the origins of an range of products.

Cardano and New Balance are planning to roll out the program globally. However, current plans do not entail using the ADA token during this pilot.

Hoskinson reportedly made the partnership announcement during Cardano’s 2nd anniversary event at the Cardano Summit in Bulgaria’s second-largest city, Plovdiv. (Positive)