Ukraine accepts Bitcoin as well as other cryptocurrencies, but is now pushing to legalize crypto and get government approval as we read more on our latest Bitcoin news today.
The Department of Digital Transofmraiton has drafted a new law that will legalize cryptocurrencies in Ukraine. The bill has passed the majority barrier and is well on its way to becoming law. The Ukrainian parliament has voted to make cryptocurrencies legal in the country and to operate exchanges in the country. Cryptocurrencies like Bitcoin are in the legal gray area in Ukraine, the seventh largest country in Europe. However, Blockchain data from Chainalysis ranked Ukrainians as the world’s leading crypto users in 2020.
When the law is actually signed, banks can take over crypto accounts while the citizens who own it are protected by law in the event of theft. The department was founded in 2019 with the aim of improving digital literacy and online access. . The nominal GDP of Ukraine is not proportional to the population and ranks 23rdapprox from 46 countries, according to a report by the International Monetary Fund. The department will want to increase the number by attracting crypto companies. Deputy Minister Oleksander Bornyakov said:
“In particular, the passing of specialized laws will increase the attractiveness of foreign exchange on the Ukrainian market. It will be a powerful impetus for the further development of the cryptocurrency sector in Ukraine. “
This is really important for Eastern Europe, where crypto adoption is increasing. Chainalysis also noted that there is high levels of corruption and asset seizure in Ukraine, as well as a decline in confidence in banks, as citizens turn to crypto to protect their assets a year ago and 8.2 billion Deposit dollars in crypto. Regulated exchanges and crypto companies can step up the technology even further as Ukraine adopts Bitcoin and other cryptocurrencies. The Digital Transformation Kit has been on the crypto front for months and has entered into an agreement with the Stellar Development Fund to develop a central bank digital currency that the bank developed four years ago.
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