Newly Appointed Ukrainian Politician Declares Owning Over $24 Million in Monero
December 11th, 2020
A 19-year old Ukrainian politician disclosed all the property he owns during an anti-corruption procedure, mandatory for all public officials in Ukraine, who revealed that he holds millions of dollars worth of monero (XMR).
19-Year-Old Ukrainian Politician Discloses Its Monero Holdings
Rostislav Solod, a newly appointed member of the city council in Kramatorsk, Ukraine, declared that he owns 185,000 XMR, which is worth $24,534,700, according to data from markets.Bitcoin.com, plus real state, cars, and stock.
The declaration was made public on December 2, 2020, where Solod stated that he became the crypto fortune owner back in 2015 when he was 14 years old, and XMR was trading at $0.50 per coin approximately. The acquisition was classified in the category of “property” in the document at that time.
Solod is the son of Natalia Korolevska and Yuriy Solod, well-known Ukrainian politicians who are members of the national parliament, the Verkhovna Rada.
However, in the crypto community, they’re also known for being absent during the first hearing of the draft bill on digital assets passed in early December.
Ukraine Passed Its First Draft Bill on Digital Assets
According to the bill, digital assets in Ukraine are defined as “a set of data in electronic form” that “can be an independent object of civil transactions, as well as certify property or non-property rights.” However, the law doesn’t consider virtual assets as legal tender.
Back in March 2020, the Ukrainian National Agency on Corruption Prevention (NACP) issued a document detailing how cryptocurrencies must be reported on income declarations by Ukrainian officials as part of the national anti-corruption new measures.
Under the new guidelines, cryptos are categorized under the “intangible asset” section. Although the document targets officials, the declaration must also be submitted by individuals with foreign incomes, including freelancers.
In terms of crypto adoption, Ukraine tops the 2020 Global Crypto Adoption Index compiled by blockchain data analytics firm Chainalysis and published on September 9, 2020, followed by Russia, China, South Africa, Nigeria, Kenya, and the U.S.