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Foreign Policy
Foreign Policy
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David Gerard, Michael Hirsh, Adrian Karatnycky, David Gerard, Michael Hirsh, Adrian Karatnycky

Ukraine Wants to Be Cryptocurrency Central

Anti-corruption activists protest outside the Constitutional Court building in Kyiv on Oct. 30, 2020. SERGEI SUPINSKY/AFP via Getty Images

Imagine you’re a country with a so-so economy, exporting mostly metals and agricultural products but without a great deal of foreign investment. How do you transform yourself into a hot destination for international money? Ukraine believes it has the answer: It’s betting big on cryptocurrencies. That could make the sorrow-stricken country a global hotbed of cutting-edge financiers. But the cryptocurrency moves could also spell trouble.

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