Ukrainian politician increased a lot his fortune by holding Monero

An “early bird”, inside the cryptocurrency world, is someone that bought and/or use some crypto in the early days of its existence. Those “early” days might be not only a few weeks after the release but a few years. Many crypto-early-birds have got rich at this point, and, apparently, a Ukrainian politician is one of them, with Monero (XMR).

According to a recent property declaration, made to all public officials in Ukraine, Rostislav Solod, a member of the city council in the town of Kramatorsk, bought 185,000 XMR in March 2015. This means, barely a year after the initial release of such cryptocurrency, when its price was around 0,3–0,6 USD per unit. Solod it’s totally an early bird for the private asset.

We can’t really know at what exact rate he bought the coins, but the official document says he paid 1,622,622 Ukrainian Hryvnia (the national currency) for them. This would be equivalent to around 58,100 USD, and a great inversion nowadays, because those cheap tokens have increased their price to over 131 USD per unit [CoinMarketCap]. This Ukrainian politician now owns roughly 24.2M dollars in Monero.

Or, in other words, he indeed got rich by holding this cryptocurrency since five years ago. His reasons to buy such crypto are unknown, but, if he wanted some privacy, that it’s gone now. However, we can’t know if he has even more XMR in other wallets, or other privacy coins as well.

Legal cryptos in Ukraine

By the time Solod bought the asset, Ukraine was kind of hostile with cryptocurrencies in general. Even three years later the situation wasn’t better, but worse. According to some reports, the crypto miners suffered some raids by the national security services, who would confiscate their equipment and allegedly steal their cryptocurrencies.

Luckily, the legal framework about cryptocurrencies in this country has evolved into something clearer and not-so-drastic. By the beginning of this same month, the “ Draft Bill on Virtual Assets “ approved its first hearing on the Parliament.

It still needs two more hearings to become official law, but, if it finally passed, the cryptocurrencies would be regulated by Ukraine’s Ministry of the Digital Transformation. Every service provider will need to register with this entity to operate inside the country, and these assets won’t be legal tender.

But cryptocurrencies will be completely legal to use and spend to average users, even though the government will consider as the official owner only the entity that possesses the private keys. Now, as for the private coins like Monero, they don’t seem to be considering a ban or specific restriction.

That’s not the case with other countries, entities, and companies. Europol has declared them dangerous, South Korea it’s on the edge of banning them, and exchanges like Bithumb, ShapeShift, Huobi, Coincheck, and Liquid have delisted these coins from their platforms due to regulatory or banking pressure.

Featured Image by Monero How

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Originally published at https://blog.alfa.cash on December 10, 2020.

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Alfacash is an 9-year-old trusted cryptocurrency exchange. We offer crypto-fíat and non-custodial transactions, and valuable knowledge in our blog.

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Alfacash is an 9-year-old trusted cryptocurrency exchange. We offer crypto-fíat and non-custodial transactions, and valuable knowledge in our blog.

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