Ukraine’s New Political Party Vows to Use Only Cryptos for Funding

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A new political party in Ukraine, “Democratic Horde,” will rely on only cryptocurrencies to run its campaign and other party operations.

In many countries, novelty is often used as a policy to attract the attention of the voting public. The latest to join this trend is a new political outfit in Ukraine. Calling itself the “Democratic Horde,” this new party has said it will run its political campaign purely on cryptocurrency funding.

It is not uncommon for political parties to accept contributions from businesses and corporate entities which might turnout to be a quid pro quo with the funder expecting something in return for the favor.

This is something the new Ukrainian party wants to avoid—it says it won’t accept any contributions from what it calls “oligarchs.”

New Approach to Political Ideology

While it becomes very difficult for the ordinary voter on the street to differentiate one party from another in terms of ideologies, Ukraine’s new Democratic Horde party says that its objective is to weaken the control that the government exercises over the economy.

The party itself is comprised of a group of serious netizens—mainly bloggers—and they have said that they will use the internet extensively to criticize the government in Ukraine through tweets, blogs and trolls.

Along with these strategies, they have declared that the party’s activities will be funded only through cryptocurrencies.

Alexander Noinets, Igor Shtedrin, Yuri Gudimenko, Victor Tregubov and Anton Shvets are the prominent names being mentioned as the force behind the formation of this new outfit. All of them write blogs, which are read and followed by a large section of the population.

An App for Volunteers to Mine Cryptocurrency

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In many countries, novelty is often used as a policy to attract the attention of the voting public.

The novel engagement strategy the party has adopted is to develop an app that can be downloaded by volunteers who wish to make contributions to the party. The currency developed will be known as “Orccoins.”

Ukraine is yet to adopt any firm policy on the way cryptocurrency is to be handled. Some groups want virtual currency to be given a legal status and some legislation has been drafted as well. However, nothing concrete has emerged on this front.

One pro-cryptocurrency activist has even created a Change.org petition saying that the government should not have any control over the mining and use of cryptocurrencies. This activist says the government must step aside and leave people to manage their finances without the government imposing any restrictions on it.

The sub-par performance of the economy in Ukraine and its constant struggle against Russia has made people feel uncertain about the future. Many Ukrainians have converted the liquid assets they had into cryptocurrencies. They are hoping that even if the country’s economy worsens and their main currency loses value, they will be able to escape the impact by holding cryptocurrency.

The demand for cryptocurrencies in Ukraine has witnessed a quantum leap. The new party running its campaign with cryptocurrencies will be interesting to watch.

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Author: Geoffrey

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