Ukraine Government to Allow Foreign Investors to Purchase Real Estate Online with Propy

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Propy, the global property store and decentralized title registry, is partnering with the government of Ukraine to allow online real estate purchases by foreign investors for the first time. From the capital Kiev to the Black Sea beach cities, Propy will enable Ukrainian properties to be sold entirely online. As of January 1, new legislation will also allow foreign investors to purchase land in Ukraine, opening up the nation’s rich agricultural resources to international buyers. Pilot programs will be led by Propy in coordination with Ukraine’s Agency for E-Governance throughout the next year.

“Our ambition is for Ukraine to be one of the world’s foremost nations in establishing a comprehensive Blockchain ecosystem, and the real estate sector forms an important part of our overall Blockchain strategy,” commented Oleksandr Ryzhenko, head of the State Agency for eGovernance of Ukraine. “Adopting the Blockchain’s transformational technology will benefit all counterparties in real estate transactions through fostering greater transparency, efficiencies, security, and compliance.”

“Ukraine’s recent commitment to build a Blockchain-based internal government database with Bitfury was a great first step. Ukraine’s government is strongly interested in building upon this progress by leveraging Propy’s technology to facilitate online real estate transactions to attract foreign property investors,” said Natalia Karayaneva, CEO of Propy. “While this clearly benefits the Ukrainian real estate market, it also allows foreign investors to purchase enticing properties in a very low price range, all with the benefits and security that Propy provides.”

Ukraine’s housing prices experienced a massive decline in 2014 and 2015, and prices are down nearly 70 percent below their 2008 peak. However, Ukraine’s economy shows signs of recovery, with the GDP rising 2.3 percent last year. This has made real estate investments appealing to foreign buyers, and the Ukrainian government is seeking ways to facilitate transactions to boost economic outlooks in the nation.

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To solve problems of real estate’s legacy registry systems and outdated property sales process, Propy uses smart contracts to track and execute real estate transactions according to regional regulations. By using the Ethereum Blockchain, Propy allows brokers, buyers, sellers, and title agents/notaries to sign off on transactions within their existing legal frameworks.The Silicon Valley based company is advised by the founder of TechCrunch, Michael Arrington, Alain Pinel, Apple’s Daniel Kottke and Bessemer Venture Partners’ David Cowan.

Propy’s PRO token will be required for interaction with the Propy Registry, specifically when users change ownership of a title or register a new title.  ERC-20 PRO token will allow for both simple integration into users’ wallets and ease of use in traditional exchanges. 100,000,000 PRO tokens will be available for purchase in PRO’s token sale beginning August 15, 2017. For more information, please visit: http://tokensale.propy.com/

About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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2 COMMENTS

  1. What if property value rises to.the level only international buyers can afford it and become out of reach of the national buyers?

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