Ukrainian Politicians Are Determined to Legalize Cryptocurrencies

The recently appointed deputy minister of digital transformation of Ukraine, Alexander BORNYAKOV, stated that the legalization of cryptocurrency assets is a priority for the agency. It is worth noting that the Ministry of Digital Transformation was created on September 2, 2019.

The official noted that the government body plans to legalize crypto assets, removing them from the "gray zone" in which they currently exist on the territory of the state. In addition to legalizing bitcoin, it is planned to transfer state registries to the blockchain-based network. The decision is part of the large-scale plan of the country's Deputy Prime Minister for Digital Information, Mikhail FEDOROV, who gave an interview to Ukrainska Pravda and stated that he intends to turn the state into a system of “simple services”, referring to popular online applications:

“I want to turn the state into a simple service, as convenient and inconspicuous as possible. So that when you interact with the state, you feel comfortable, just like you order via Uber, book a room on Booking or Airbnb. [...] Therefore, I want to create the most technologically advanced state that will compete in convenience with other states of the world.”

Fedorov also said that he intends to make cryptocurrency legally recognized within the state, which will help in collecting taxes.