Village In Ukraine Makes Profits Off Crypto Investment

A council for a village in Ukraine has earned a significant profit after the head made an investment in cryptocurrency on behalf of the Elizavetovka, Dnipropetrovsk region. Earlier in the year, Maxim Golosnoy bought a small amount of cryptocurrency after he dipped into his own savings and recently distributed the profits to the villagers.

Back in spring this year, Golosnoy announced that he had made the investment but made it clear that he didn’t use any of the budgets for the region. The media in the country reported that Golosnoy had invested around $500 to purchase the cryptocurrency. The head of council said that he bought the crypto for the citizens who live in Elizavetovka and stated that every adult resident owns a share.

As was reported by the local media, in a recent town hall meeting for the village, the people found out that each of them is entitled to gain 100 hryvnias. The dividend is only worth around $3.60 but no one had expected any revenue during the current state of the market. Speaking on the matter, Golosnoy said:

“This was a cryptocurrency experiment. No budgetary funds have been spent and you still have the cryptocurrency. The funds you have just received are only dividends.”

As reported by Bitcoin.com, during the summer, Golosnoy had apparently bought some of the villagers Cardano which is one of the coins recognised as a means of payment in Elizavetovka, along with Bitcoin Core and Ethereum. During this time, Cardano was worth just under $0.15 per coin and a month later it surged to around $0.40 which is when the head of the council sold some of his coins to recover his original investment. Even though Golosnoy didn’t go into details about his prior crypto dealings.

The profits from the cryptocurrency investments will be used to fix potholes on the road which passes through the village. They have already collected over 1,100 hryvnias which equates to around $400. This is to fund the repair works scheduled to start as soon as the snow melts away in spring.

Golodnoy is still going to continue experimenting with cryptocurrencies and hopes that he will be able to distribute higher profits in the future.

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