Ukrainian Politician Owns Monero Valued at over $24 Million

Major Updates

• The politician owns about $24,534,700 worth of Monero (XMR)
• He’s the son of Natalia Korolevska and Yuriy Solod
• According to the NACP anti-corruption bill, officials must declare their assets

The statement was released public on December 2, 2020, after Solod claimed that he'd become a crypto fortune investor back in 2015 while he was 14 years old, and that XMR exchanged roughly $0.50 per coin. At the point, the purchase was listed as a "property" in the document.

Why Ukrainian Politicians Must Declare Their Assets

"As shown in the bill, Ukraine's digital properties are described as a collection of electronic records" that "can be an autonomous property of civil proceedings, as well as certifying property or non-property rights."

But, intangible assets are not recognized by the legislation as a legal tender.

In March 2020, the Ukrainian National Agency for the Fight against Corruption (NACP) released a manual outlining how to monitor cryptocurrencies on Ukrainian officials' tax disclosures as key element of the latest national anti-corruption initiatives.

Cryptos are classified under the "intangible assets" portion under the current rules. While the law is directed at politicians, persons with international earnings, like freelancers, should still apply the declaration.

Ukraine leads the 2020 International Crypto Acceptance Index gathered by blockchain data analytics business Chainalysis in terms of crypto adoption. The list which was released on September 9, 2020, is accompanied by Russia, China, South Africa, Nigeria, Kenya, and the United States.

Which anti-corruption practices do you think should be implemented in your country?