570M people now actively using crypto: Volodymyr Nosov

According to Volodymyr Nosov, both individuals and corporations are increasingly using crypto. Nosov shared that he got into crypto after recognizing blockchain’s potential to transform finance. When reporters asked about why he started WhiteBIT, the CEO pointed out that millions of people and big companies are now using digital money in their daily work.

Today, we are witnessing the rapid development of digital assets. For example, about 85% of companies with an annual turnover of over $1 billion use them to attract new customers and implement innovations. Overall, according to various data, almost 570 million people worldwide are already actively using cryptocurrencies. I understood that the future belongs to blockchain and cryptocurrencies, as they are the start of a new digital economy. Cash and fiat are already outdated forms of money, and in the future, more and more payments will be made in cryptocurrency.

Nosov believes crypto and banks can work together rather than fight each other. He thinks digital currencies help fix problems and create better options for companies and regular people. According to him, crypto is handy because payments happen quickly, don't cost much, and you can send money anywhere without extra hassles. 

The executive pointed out that digital money now functions similarly to traditional currency in everyday situations – from dining out to buying property. He notes that several regions, including the United States, Canada, and parts of Europe, now accept bitcoin for tax payments. Rather than challenging existing banking structures, Nosov finds that digital assets improve and modernize them.

I see digital assets not as competition, but as the future of the financial system. Both large and small businesses have already appreciated all the opportunities that cryptocurrency provides – payment speed, lower fees, and geographic accessibility. Today, digital assets can be used to pay for things almost on par with fiat money – in restaurants, taxis, and when buying real estate. And in the U.S., Canada, and some European countries, Bitcoin is accepted for paying local taxes.

I would add that cryptocurrencies are not only a means of payment but also an asset for investing and saving. Along with large companies, more and more ordinary citizens, especially young people who are growing up with modern gadgets and technologies, are investing in Bitcoin. Digital assets do not compete with the traditional financial system but transform and improve it, contributing to the construction of a new digital economy with more efficient approaches.

​​Nosov also spoke about Ukraine’s pending cryptocurrency law. He said that while many countries, including the U.S., the EU, and parts of Asia, are already setting rules for digital assets, Ukraine still does not have a working legal framework.

He explained that it is hard to say when such a law will be adopted. Discussions have been going on for four years, starting in 2022, when a law was passed but never put into effect. Some experts believe the legislation could be ready by the end of 2025, but Nosov said he is only cautiously optimistic about that timeline.