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Ukraine Going to Make Bitcoin Legal?

Delegates from President Volodymyr Zelensky’s government are said to have met with counterparts in El Salvador in order to devise a strategy to put bitcoin adoption at the top of the eastern European giant’s financial agenda.

 

The 43 year old politician was in California last week on a fact-finding expedition, touring Silicon Valley and looking for ways for Ukraine to quickly integrate digital assets alongside its traditional currency.

 

According to Professor Vyacheslav Evgenyev, the objective is for Ukraine to declare Bitcoin legal money by the beginning of 2023, creating a “dual-currency country” in which Bitcoin coexists with the fiat hryvnia before becoming the dominant financial framework.

“Ukraine is a natural fit for such a plan,” said the Russian financial expert.

 

Ukraine has become the fifth country to legalise Bitcoin , indicating that countries all around the world are modernising their payment systems. The Ukrainian parliament passed a bill to legalise and regulate all virtual financial assets in a historic and nearly unanimous vote.

 

The bill, which was signed into law in 2020, provides rights for cryptocurrency owners, traders, and businesses. Previously, cryptocurrency was a legally confusing region in Ukraine, similar to how it is in the United States, where it is unclear whether the asset is legal or not.

 

According to Ukraine’s Ministry of Digital Transformation, the tech-savvy population, a big blockchain developer community and the absence of the stock market are the main reasons why crypto is popular in the country