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Ukrainian Parliament has approved a bill which legalizes Bitcoin and other cryptocurrencies in the country.
This ‘bold’ move comes after El Salvador has just adopted Bitcoin (BTC) as legal tender and could accelerate a growing global trend that sees nations adopt cryptocurrencies.
According to the Ukrainian government, the plan to legally acknowledge crypto assets had been under consideration for over a year. Following the 276-6 vote in the parliament, it is now up to President Volodymyr Zelensky to certify the law by signing off on it.
Speaking with the Kyev Post, Mykhailo Fedorov, Ukraine’s Minister of Digital Transformation, comments on the importance of the decision as the country takes a frontrunner position. He said:
“Only a few countries in the world have legalized crypto assets, Germany, Luxembourg, Singapore. Ukraine will be one of them.”
Bitcoin is currently defined as a commodity under federal law in the United States. Bitcoin is also considered legite in the U.K, Japan and other developed nations. However, Bitcoin’s legal status remains fragmented around the world as governments are looking to protect their national ‘fiat’ currency and push for Central Bank Digital Currency (CBDC).
Until now, there was no clarity surrounding crypto assets in Ukraine. Its status had never been addressed by the nation’s legislature. The new bill brings the needed clarity and provides Ukrainian residents with guidelines on crypto trading for the first time.
Deputy Minister of Digital Transformation Oleksandr Bornyakov already commented in August that a legal framework, could open the door to infusions of foreign investment capital:
“This actually was the major task for us, to step in and create a legal framework. So that banks and other government institutions would recognize crypto as a part of civil rights and of economic value.
Guarantees for Ukrainian cryptocurrency buyers will increase due to the fact that certain cryptocurrencies will receive a work permit in Ukraine, and accordingly, we will check them and make sure that they work in good faith.”
Following #BitcoinDay in El Salvador on September 7, it was renowned whistleblower Edward Snowden that predicts a global run when it comes to Bitcoin adoption by nations. Those who are left out, might ultimately regret it, he said: