Europe

Mining cryptocurrencies consumes a lot of energy. For this reason, some governments set special prices for miners. This trend seems to be particularly strong in the Eastern European region.

Governments are continuously recognizing cryptocurrency activities, including mining, through liberal legislation. Until recently, the surplus power was wasted. But some countries now want to use it for mining digital currencies.

The Ukrainian Ministry of Digital Transformation is making every effort to legalize cryptocurrencies in the country. For example, it is preparing the law on Digital Assets for the second reading on Verkhivna Rada. On the other hand, it is working on a framework that will allow taxing the income from trading cryptocurrencies.

Due to poverty and stringent economic conditions, hundreds of able Africans seek better employment opportunities in Europe and Asia. However, the high taxes and unfavourable monetary policies of many African countries make home remittance expensive. Migrant workers from the African continent are turning to cryptocurrency to affordably send money home.

Russian Foreign Intelligence accepts data from citizens using their virtual office in the darknet. This is the first office of the kind in Europe. Russia has followed the lead of the USA that was a pioneer in establishing a darknet office.

As most states in the world are moving towards rolling out their own state-backed blockchain-based digital currencies, Ukraine, a cryptocurrency-friendly country in Eastern Europe has also decided to follow the lead. The state is going to develop its own central bank digital currency (CBDC).

There is an opinion that European Union (EU) countries offer more favourable conditions for running cryptocurrency businesses. That is why companies tend to choose the European market over the United States.

The European Commission (EC) approved on Thursday September 24, a digital finance package, including a retail payments plan, digital finance strategy and legislative proposals on cryptocurrency and digital resilience, for a booming European Union (EU) financial sector that gives customers access to state-of-the-art financial goods and services.

Amidst rapid digitization of the world, central banks are making efforts to keep pace. Nevertheless, while Asian countries such as China have been actively developing its Central BankDigital Currencies, Europe has been cautiously exploring it. But now it seems the continent will see its first CBDC as soon as this week.