Ukraine Okays Law To Make Bitcoin and Other Cryptocurrencies Legal

Ukraine is about to be the next country after El Salvador to legalize Bitcoin and other cryptocurrencies after the Ukrainian Parliament passed a bill on Wednesday, September 8. The draft on virtual assets is still awaiting President Volodymyr Zelensky’s signature.

- Advertisement -

The bill was originally created in 2020 and it is going to provide greater protection for investors and businesses alike against fraud. The countries minister for Digital transformation, Mykhailo Fedorov, told the Kyiv Post that more local citizens would invest in Bitcoin if it became legal and safer. Ukraine is one of the nations making moves to integrate crypto into their economy. In the last few weeks, Cuba and Panama have also started proposing plans to legalize Bitcoin in their country.

A tweet from @Blockworks indicated that:

“Ukraine’s Bitcoin law received a nod from 276 members of parliament on Sept. 8, which was close to 100% support. the law shouldn’t come as too much of a shock considering President Zelenskyy’s recent trip to Silicon Valley, where he met with investors and venture capitalists to tout Ukraine’s digital economy with a view towards cooperation”

With the new law, there is going to be greater regulatory clarity, but Ukraine is charting its own course and doing things differently than El Salvador. Ukrainians will not be allowed to use Bitcoin as legal tender. Only the local fiat currency will continue to act as a legal tender.

What Ukraine is doing will pave way for businesses and investors to use cryptocurrencies by 2022 with greater protection from fraud, the first step is the draft law. Crypto businesses will be allowed to operate in the country but they will be subjected to a permit and will also have to comply with paying taxes in the country. Lawmakers must now green light other supporting laws as well as make tweaks to the tax code and civil code.

The world is increasingly becoming crypto-friendly and the crypto community is emboldened by this action. The latest action in Ukraine did little to no good to the current price of bitcoin which remains down from its $50,000 price of last week.

Previous Articles:

- Advertisement -

Latest

Central Banks Test Smart Contracts for Tokenized Monetary Policy

Central banks are testing smart contracts to manage monetary policy in blockchain-based systems. A joint study by the Federal Reserve Bank of New York and...

Hedera Launches Browser-Based Smart Contract Builder for Devs

Hedera has launched a browser-based Contract Builder tool for developing, testing, and deploying smart contracts on its network. The Contract Builder allows users to author,...

Grok AI Inserts “White Genocide” Claim, xAI Blames Rogue Edit

The Grok AI chatbot began referencing “white genocide” unsolicited after an unauthorized prompt change on May 14. xAI stated the changes were due to a...

WisdomTree: Crypto Market Maturing Without ICO or NFT Hype

The current crypto market is showing growth without relying on hype-driven trends like ICOs or NFTs. Overall crypto market capitalization reached an all-time high of...

JP Morgan: Bitcoin Poised for More Upside Than Gold in 2025

JP Morgan analysts report that Bitcoin currently has more potential upside compared to Gold. Recent acquisitions by Coinbase, Kraken, and Gemini signal a...

Must Read

Top 10 Best Crypto Faucets To Earn Free Crypto

Are you looking to earn free cryptocurrency? Look no further! In this article, we will introduce you to the top 10 best crypto faucets...