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Ukraine joins countries worldwide in legalizing bitcoin. It is among the very few countries to take a step towards global crypto adoption. In a close unanimous vote, the Ukrainian Parliament laid down the law to legalize BTC. In the total vote, 276 lawmakers supported the bill, with only six against it.
The crypto adoption journey began in 2020 and could deem successful on a signature from President Volodymyr Zelensky. Bill No. 3637 by Verkhovna Rada, the Ukrainian Government, enables legal digital currency regulation.
Bitcoin Adoption
Governments across the world are coming to terms with the fact that Bitcoin is here to stay. That notion somehow ended the legal grey area crypto had in Ukraine. Ukrainians were allowed to trade, invest and purchase in crypto. However, industries and companies dealing with crypto were under scrutiny.
From a report by Kyiv post, Ukrainian authorities took a combative stand terming crypto as a “scam.” In August Security Service of Ukraine (SBU) locked down clandestine cryptocurrency exchanges operating in the capital city Kyiv. SBU reported the exchanges were facilitating money laundering through anonymous transactions.
The passed legislation covers protection against fraud for Bitcoin and altcoin users. Lawmakers have taken a defining role in cryptocurrencies. If President Zelensky signs, legislators will incorporate the law, digital wallets, virtual assets, and private keys in the Ukrainian law. Crypto adoption in El Salvador and Ukraine is different.
In Ukraine, the crypto law does not take Bitcoin as a mode of payment. Neither does it put the coin in equal form as its national currency, the hryvnia. The move made by the Parliament is a more significant step into adopting Bitcoin. However, for Bitcoin to pass as a legal tender, the Ukrainian lawmakers will have to give other necessary incentives.
Next Steps by The Ukrainian Government
Reports from Kyiv indicate that the Government intends to open up the cryptocurrency market to businesses and investors by 2022. Furthermore, in a state visit to the US, President Volodymyr Zelensky spoke on creating an innovative virtual assets market.
In addition, the country’s Minister of digital transformation, Mykhailo Fedorov, supported the President’s notion. As a result, the country was on schedule to modernize the payment market and enable the National Bank to issue digital currency.
Jeremy Rubin, a Bitcoin enthusiast, insists that the political move will not amount to much. He indicates that as a decentralized currency, bitcoin does not need permission to thrive. The plan by the Government does not seem to have a positive outlook, according to several bitcoin enthusiasts.
In recent times El Salvador, Panama, and Cuba have also contributed to the global push for crypto adoption.
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