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Ukrainian government sponsors educational web show about cryptocurrencies

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The Ukrainian Ministry of Digital Transformation released a web series to educate citizens about cryptocurrencies, blockchain and Bitcoin (BTC).

The show premiered on Wednesday and was developed in collaboration with Binance, Hacken and Crystal Blockchain as part of the Ukrainian government’s “Diia.Digital Education” program.

The show consists of eight episodes of six to 12 minutes each that explain the basic concepts of cryptocurrency and blockchain. The show is hosted by Andriy Onistrat, an entrepreneur and former banker, who interviews guests working in the blockchain industry.

The first episode, available on YouTube, introduces the concept of cryptocurrencies as a permissionless, unstoppable transaction ledger. Special consideration is given to the concept of supply auditability, with Onistrat noting that the National Bank of Ukraine could always decide to vastly increase the supply of the hryvnia, Ukraine’s national currency. Ivan Paskar, Binance marketing manager in Ukraine, explains how Bitcoin maintains an immutable, auditable supply.

The duo talked about more complex ideas as well, mentioning Ethereum, smart contracts and decentralized exchanges. Despite the newbie-friendly format of the show, Onistrat still asked Paskar some tougher questions — for example, how the ideals of decentralization and freedom can be reconciled with the identification requirements seen in many centralized exchanges.

Viewers receive a certificate of completion upon going through all the episodes. The initiative is part of the Ukrainian government’s push to achieve digital literacy in the country. Other shows offered by the ministry include “digital lessons for teachers” and “how to become a YouTube blogger.”

The Ministry of Digital Transformation of Ukraine previously pushed for clearer regulations for cryptocurrency businesses in the country, which led some to conclude that the country is well-positioned to attract a thriving crypto ecosystem. Binance has been collaborating with the ministry since last year when it signed a memorandum of understanding to help design the country’s cryptocurrency regulation.



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Regulation

New York authorizes first Yen stablecoin operator in the US

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New York has given the first authorization to a stablecoin backed by the Japanese Yen to operate in the U.S.

Per a Dec. 29 announcement, the New York Department of Financial Services has granted Japanese firm GMO-Z.com a charter to handle U.S.D. and Yen-backed stablecoins in New York. 

Given New York’s status as a global center, the NYDFS is the most prominent state financial regulator in the U.S. It is also one of the most aggressive. A pass to operate in New York often opens up the rest of the country. 

GMO’s charter is as a limited liability trust company rather than a full bank, the principle difference being in authorization to handle deposits. While a stablecoin operator typically needs the ability to hold reserves of the pegged asset, GMO’s charter limits its rights to hold other kinds of deposits not central to its ability “to issue, administer, and redeem” its stablecoins. 

The right to issue such non-depository charters has been a bone of contention between state regulators like the NYDFS and national banking regulators in the U.S. 

GMO president and CEO Ken Nakamura said: “We’re breaking ground with our move to issue the first regulated JPY-pegged stablecoin, which many see as a safe haven asset.” 

The NYDFS recently made changes to its famous BitLicense, including a conditional format that buddies up newly licensed firms with existing licensees. The first conditional BitLicense went to PayPal, facilitating the launch of its new crypto services earlier this fall with the help of longstanding licensee Paxos.