Ukraine’s Election Commission Trials the Use of NEM In Election

Updated On Aug 8, 2018 by Cameron Bishop

NEM (XEM), which was the main cryptocurrency that got swindled in the Japan’s Coincheck crypto hacking incident, revealed that Ukraine’s Central Election Commission has conducted a trial to study the use of NEM blockchain in local and national elections. The information was officially announced by Oleksandr Stelmakh, the head of the state register of voters. The test was conducted using built-in NEM blockchain modules.

The official announcement also conveyed that the experiment is not yet over. According to the information available, the blockchain technology based system was used to store information regarding the voters’ count during the 2014 Presidential election.

The first major advantage of using the technology, per the post, is that the data cannot be tampered. Furthermore, the NEM blockchain, with its advanced API, enables users to retrieve data in a more convenient format.

Test coins, which were used to conduct the experiment in a test environment, were provided by Anton Bosenko, Ukraine-based representative of NEM Foundation.

The results indicate that the cost of placing a node, which can be used as a voting facility, is approximately $1,227. It is not a big amount considering the importance of the data that needs to be preserved for generations.

Notably, NEM (XEM) recently go listed in the Ukraine’s Kuna exchange, which offers Ukranian Hryvnia (UAH)–crypto pairs and also crypto-to-crypto pairs for trading. The government is also working towards the process of accepting and regulating digital assets.

According to the State Service for Special Communication and Information Protection of Ukraine, the country is not planning to bring mining of virtual currencies under regulatory overview. In fact, there are credible reports that the country is planning to legalize cryptocurrencies. The Ukranian National Securities and Stock Market Commission (SSMCS) is considering recognizing cryptocurrencies as a financial instrument. Recently, the Commission’s head Timur Khromaev stressed the need to legalize cryptocurrencies in the best interest of the nation.

Cameron works tirelessly behind the scenes ensuring his many US news stories are factual, informative and brought to you in a timely fashion before most other media outlets have them. He is an investigative journalist at heart who also has a fond interest in the money and business markets too.

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