19-year-old Ukrainian politician reports crypto holdings of $24M in Monero

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A newly appointed official in Ukraine has formally declared his cryptocurrency holdings, together with a major quantity of privacy-focused cryptocurrency Monero (XMR).

Rostyslav Solod, a 19-year-old deputy of the Kramatorsk regional division and the son of Ukrainian politicians Natalia Korolevska and Yuriy Solod, reported holdings of 185,000 XMR, price about $24.5 million at publishing time.

In accordance with a declaration revealed on Dec. 2, Solod grew to become the proprietor of this Monero fortune again in March 2015, when he was 14 years outdated.

On the time, Monero was buying and selling at round $0.50 per coin, which means that the market value for this acquisition was round $90,000. In accordance with the declaration, this acquisition price Solod’s household 1.6 million hryvnias (about $65,000, based on the exchange rate in March 2015). The declaration signifies Solod’s Monero holdings as property.

In March 2020, the Ukrainian Nationwide Company on Corruption Prevention released a set of guidelines for officers to report their crypto holdings. Public officers ought to disclose the title of the property, the acquisition date, the amount and the general worth of the crypto on the final day of the reporting interval.

Nonetheless, based on Michael Chobanian, a significant crypto advocate in Ukraine, these latest necessities are poorly enforced. He instructed Cointelegraph:

“Proper now there is no such thing as a penalty for not offering the proper data within the declaration and […] they’ll simply write something. And no official authorities group has the instruments or abilities or potential to verify how a lot crypto you might have or whether or not you even have it.”

Chobanian additional prompt that some officers may declare to personal crypto with a purpose to disguise unlawful property. “You possibly can even in all probability declare 100 million BTC, as a result of nobody would perceive and verify,” he mentioned.