Ukraine is set to use decentralized real estate marketplace Propy to offer properties to foreign investors on the Blockchain.

A pilot scheme in conjunction with the country’s Agency for E-Governance will preclude what a government spokesman described as “fostering greater transparency, efficiencies, security and compliance.”

“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," Agency head Oleksandr Ryzhenko continued in a press release issued today.

The move marks a further step up on Ukraine’s Blockchain ladder, with the country recently eagerly embracing the technology at state level.

At the same time, authorities clarified the legal status of cryptocurrencies such as Bitcoin this week, conversely taking the line that the only official currency available for use in Ukraine was the hryvnia.

On the topic of the struggling economy, however, ministers clearly see the cost-saving benefits Blockchain offers.

“Ukraine’s recent commitment to build a Blockchain-based internal government database with Bitfury was a great first step,” Propy CEO Natalia Karayaneva said.

“[...] 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.”