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Ukraine Becomes 5th World’s Country to Legalize Bitcoin

UTC by Juhi Mirza · 2 min read
Ukraine Becomes 5th World’s Country to Legalize Bitcoin
Photo: Depositphotos

Ukraine is known to have adopted an aggressive stance before regarding cryptocurrency transactions in the country.

Ukraine has become the newest addition in the league of countries that have adopted Bitcoin as a legal tender. In a collective decision made by the parliamentary members of the country, Ukraine has successfully passed a bill that legitimizes conducting transactions using various cryptocurrencies.

The bill that was initially proposed in 2020, has now been passed and is heading towards the presidential desk for further processing.

Ukraine Adopted Bitcoin as a Legal Tender

Ukraine has become the fifth country in recent weeks to have joined the band of nations to adopt and legalize BTC and crypto trade in their countries. The new legislative bill is said to comprise clauses that will protect the merchants and local businesses against any impending frauds and scams that often act as a catalyst in harming potential investors. The bill is anticipating signatory approval from president Volodymyr Zelensky.

Ukraine is known to have adopted an aggressive stance before regarding cryptocurrency transactions in the country. According to the Kyiv Post, there were a few instances reported where the authorities have confiscated BTC mining equipment and tools and regarded the virtual cash trade as a total scam.

The Ukrainian crypto bill has been drafted in a manner that is quite different from its contemporary states and countries that have adopted the thriving crypto trade. The new bill restricts the rollout of BTC as a form of payment and does not allow it to match the equality status when it comes to Ukraine’s original currency Hryvnia.

However, the bill that has been passed by Verkhovna Rada is said to make the country more susceptible to cryptocurrency proceedings in a phased manner. It is anticipated that by the year 2022, Ukraine will grant access to foreign businesses and organizations to take part in the country’s cryptocurrency trade and become a crucial part of the global crypto network.

Mykhailo Fedorov, Ukraine’s minister of digital transformation has commented that the country is now looking forward to remodeling its payment market so that the National Bank of the country will be able to issue digital currency. President of Ukraine Volodymyr Zelensky has also promoted the country’s idea of the “legal innovative market for virtual assets” as a point to invite more investment from the global financial indexes.

Bitcoin News, Cryptocurrency news, News
Juhi Mirza
Author Juhi Mirza

Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.

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