Tech

Ukraine Legalizes Bitcoin


Ukraine became the fifth country in as many weeks to set some ground rules for the cryptocurrency market, a sign that governments around the world realize that Bitcoin is here to stay.

In an almost unanimous vote, I depend The Verkhovna Rada of Ukraine legalizes and regulates cryptocurrencies. The bill was introduced in 2020, and is now heading to President Volodymyr Zelensky’s office.

And encryption in Ukraine was in a legal gray area. It allowed locals to buy and exchange cryptocurrency. But companies and platforms that deal in cryptocurrency have often been under close scrutiny by law enforcement agencies.

according to for newspaper Kiev Post, the authorities tended to take a combative stance when it came to virtual cash, considering it a scam, crypto-related businesses were raided, and expensive equipment was often confiscated without any reason.

In August, for example, did The Ukrainian Security Service has blocked a network of what it called secret cryptocurrency platforms operating in the capital, Kiev.

The State Security Administration claimed that these platforms were facilitating money laundering and providing anonymity for transactions.

The new legislation also provides some protection against fraud for those who own Bitcoin and other cryptocurrencies, and for the first time in the Verkhovna Rada, lawmakers have attempted to define key terms in the cryptocurrency world.

In the case of the president’s signature, virtual assets, digital wallets and private keys are terms that are enshrined in Ukrainian law.

Contrary to El Salvador’s move this week to legalize bitcoin, Ukraine’s crypto law does not facilitate the introduction of bitcoin as a payment method, nor does it put it on par with the hryvnia, the country’s national currency.

However, the vote by the former nuclear power is part of a broader push by Kiev to rely on Bitcoin.

Read also: Facebook struggles with trust as it prepares to launch Novi

Ukraine Legalizes Bitcoin

By 2022, the country plans to open up the cryptocurrency market to companies and investors, according to the Kiev Post.

On an official visit to the United States last month, to speak President Zelensky about the innovative legal market for virtual assets in Ukraine as a selling point for investment.

Ukraine’s Minister of Digital Transformation, Mykhailo Fedorov, said the country is working to modernize the payment market. This is so that its national bank can issue a digital currency.

But for Bitcoin backers, new Ukrainian law and political promises like these fall short.

Ukraine joins a long list of countries that incorporate bitcoin into national law.

El Salvador this week became the first country to adopt bitcoin as a legal currency and keep it on its balance sheet. The president tied his political fate to the outcome of the nationwide Bitcoin experiment.

Two weeks ago, Cuba passed a law to recognize and regulate cryptocurrencies, citing reasons for social and economic interests.

Last month, the United States proposed rules around cryptocurrency brokers in the trillion-dollar infrastructure law.

and allow Law The new German is now taking money that was previously banned from investing in cryptocurrency by allocating up to 20 percent to cryptocurrency.

It seems that Panama is the followingThe Central American country is working on a draft of its own cryptocurrency law.

Also Read: Bitcoin Drops As El Salvador Is Adopted As Currency



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