Electronic auctions of leases of 179 lots of state-owned farm land have raised $521,000, double the expected amount.

Electronic auctions of leases of 179 lots of state-owned farm land have raised $521,000, double the expected amount. The government calculates local revenues could increase by $1 billion through expansion of what is now a pilot auction system. Ukrinform reports the system runs on “state-of-the-art Blockchain technology, which eliminates any manipulations and corruption risks.” Another 8,000 lots with a total area of ​​150,000 hectares are ready for sale. Martynyuk writes: “The first results of electronic trading fully justified the efforts made: yearly rental rates soared up to 70%.”