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What about the corruption that plagues this country and that could intimidate potential immigrants? Future administrations may not allow tech companies to thrive without raids and seizures. Russia is threatening from the east. There are also revolutions to worry about. There have been two since 2004.
Steven Hanke, professor of applied economics at Johns Hopkins University and a loud Bitcoin skeptic, argues that the combination of Ukraine and crypto appears to be a fiasco in the making, if not for another revolution. Most studies he’s seen, roughly half of all Bitcoin transactions are for some illegal purposes. According to him, this is not an industry that Kiev should be temptingly targeting.
“There is widespread corruption and criminal organizations swarming all over the country,” he said. “Ukraine will appeal to questionable characters because questionable characters like to penetrate countries like Ukraine.”
Mr. Bornyakov offers a strange form of assurance, but disagrees. He argues that no matter who is in charge, foreigners will have some form of built-in protection simply because they are foreigners.
“You can go to Egypt, which I know is a lot of trouble,” he said. “But if you are a tourist, no one can hurt you, no one can touch you because the people there know at the DNA level that the tourists bring them money. We want to create a similar situation here.”
As Mr. Chobanian proved after the police searched his home, the primary assets of a tech company cannot be seized in the same way that a malicious actor could take over, for example, a power station or a nickel mine. For example, it will be difficult to own an information company like Kiev-based Hacken, a cybersecurity firm specializing in the blockchain business. Its value lies in a cadre of white-hat hackers spread across the globe.
Co-founder Evgenia Broshevan sat in a conference room in Creative States and thought about how she became a leader in a male-dominated industry. To his grandmother, he said, is a math teacher who also seems to have gifted him the skill of practical thinking, which is clearly a requirement in Ukraine.
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