Ukraine is now the last country in the world to legalize and regulate bitcoin and cryptocurrencies. Until now, the world’s largest digital resource has been in a gray area within the country’s borders, but now it appears that the nation is making progress in using BTC, suggesting that the resource is becoming much more common and legal.
Ukraine says ‘yes’ to cryptocurrencies The Ukrainian parliament voted unanimously to not only allow Bitcoin activities, but also to implement the appropriate provisions to ensure that harmful activities do not destroy the country. The bill was first introduced in 2020 and it now appears that administrators have made some progress on the law. Until the laws were passed, people could trade and invest in cryptocurrencies, although all companies that worked or became familiar with blockchain and digital resources came to the attention of the Ukrainian government. They were watched very closely and felt very uncomfortable.
It seems that the idea in Ukraine for some time has been that most of the crypto activity is due to scams and illegal businesses. Last month, for example, Ukraine’s Secret Service (SBU) worked to prevent a cryptocurrency group from operating in the country’s capital Kiev, claiming the companies were involved in money laundering.
However, the new bill contains provisions that would ultimately protect those engaged in crypto if they are victims of fraud. Although the country is compiling some comparisons with El Salvador, which became the first country to declare bitcoin legal tender, the comparisons are not entirely accurate given that Ukraine does not allow Bitcoin payments for goods and services. And it doesn’t put assets in it. scale. like the hryvnia, the national currency. However, legalization and legislative efforts related to the “official” introduction of property in the region are seen as a steady step forward in legalizing digital currencies among international governments, even if not everyone “sees” it. The light “, so to speak.
Some think it won’t go anywhere Some, like Bitcoin supporter Jeremy Rubin, believe that the move will not cause much change in Ukraine or neighboring countries. In a recent interview, Judica, CEO of the Bitcoin R&D Lab, said: Improving the legal status of bitcoin in Ukraine is a laudable symbolic measure that will allow us to move towards a world that respects the rights of the individual in general, but it is only symbolic.
Bitcoin does not seek permission or forgiveness in its mission to protect persecuted communities from unjust governments. Ukraine is just one of many countries that are considering developing a Bitcoin regulation. Others include Cuba and Panama, El Salvador’s southern neighbor. Both have announced that they are now seeking new crypto laws.