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Ukraine will build a data center with a capacity of 1 GW

Ukraine will build a data center with a capacity of 1 GW
CONTENT

  • Ukraine is going to become a techno hub of Eastern Europe

  • The Ministry of Digital Industry of Ukraine is going to attract investments from global IT giants

  • Cryptocurrency mining will be legalized in the country

International consortium of news organizations developing transparency standards.

Ukraine is on the path of speedy digitalization and creates conditions for attracting investors to the digital currency and computing sector. The Ministry of Digital Transformation announced that it is ready to build a powerful computing center in the country.

Ukraine will build a data center with a capacity of 1 GW

Ukraine wants to attract investment from IT giants

Most recently, Ukraine adopted a law “On digital means of payment”, which actually legalized the use of cryptocurrency in the country, and also presented the main provisions and rules for the operation of cryptocurrency exchanges. The next step on the road to digital transformation will be the construction of a powerful computing center with 1 GW, which will be used, among other things, for the extraction of cryptocurrencies. Vice Prime Minister, Minister of Digital Transformation Mikhail Fedorov stated this at a briefing..

“The construction of the data center will be a kind of beacon for investments in the digital economy of Ukraine for other foreign partners. We are actively working to ensure that billions of dollars in investments enter Ukraine, “he said..

The Minister of Digital Transformation also noted that the national energy company Energoatom will become the supplier of electricity for the operation of the data center, and the investor will be Yom Capital Ltd.

Ukraine will build a data center with a capacity of 1 GW

Earlier, Ukraine also adopted Law No. 3199 “On Amendments to the Law of Ukraine“ On the Electricity Market ”, which allows cryptomining companies to receive special rates. The adoption of this law creates favorable conditions for miners, and also helps to realize surplus generated electricity, which will stimulate the development of the country’s energy industry..

“The Ministry of Digital Development supports the adoption of this law, since Ukraine has significant potential to become a data hub in Europe, and our task is to create favorable conditions for this, remove barriers and convey this information to companies. Therefore, we will work to ensure that after the approval of this bill, the world IT giants – Microsoft, Google, IBM – will build their data centers in Ukraine, ”said Deputy Minister of Digital Transformation of Ukraine Oleksandr Bornyakov.

The idea of ​​the ministry is also actively supported by the President of Ukraine Volodymyr Zelensky. He stressed that investment in Ukraine is primarily not money, but jobs for Ukrainians.

Control of cryptocurrencies and investments in mining

The adoption of digital currencies as an investment and payment instrument has presented Ukraine with a number of challenges related to the regulation of the cryptocurrency market. The first step towards creating a civilized cryptocurrency market will be the introduction of a taxation mechanism and control over transactions. According to the recommendations of the FATF organization, the security service of Ukraine will be able to check all transactions that may seem suspicious, and holders of digital coins must indicate their presence in the tax return..

The same rules apply to family members who may also hold cryptocurrencies. Thus, the Ukrainian government wants not only to find out the real number of holders of cryptoassets, but also to register them in order to avoid possible corruption..

To monitor transactions, a special analytical tool will be used, developed by the Ministry of Digital Affairs of Ukraine with Bitfury..

Ukraine will build a data center with a capacity of 1 GW

How Ukraine followed the path of digital transformation can be found here.

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