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Government To Legalize Cryptocurrency Payments In Ukraine


coingape.com 07 August 2021 00:01, UTC
Reading time: ~2 m

The annual spring rains have brought plentiful changes in the Ukraine region this year. According to sources, the proposed cryptocurrency bill is being ready for its second reading in the Ukraine Parliament. And there’s a very high probability that the Ukrainian Govt may give a green flag to cryptocurrency payments and Central Bank Digital Currency popularly called ‘Hryvnia’ in the country very soon. 

Ukrainian Deputy Minister on Proposed Digital Asset Bill 

In a Friday interview with local publication Minfin, the deputy official of the Ukrainian Ministry of Digital Transformation, Oleksandr Bornyakov highlighted that Crypto payments would be legalised in the country if Parliament approves the proposed ‘Digital Asset Bill.’ However, the government is not planning to accept Bitcoin, Ethereum and other tokens as a legal tender, the deputy claimed further.

Experts speculate that the news appears right after Ukrainian President Volodymyr Zelensky signed up another digital currency-related law, dubbed as the law on ‘Payment Services.’ Reportedly the introduction of the law has enabled Ukraine’s central bank to issue a central bank digital currency, the digital Hryvnia.

How Will Cryptocurrencies Work  And Benefit Ukrainians? 

According to Bornyakov, crypto asset holders in Ukraine would receive numerous benefits with the advent of regulation in the crypto sector. Their virtual assets would not be prone to theft, and the consumers may protect them under government ordinance if something mischievous happens. 

The proposed law will make cryptocurrency completely legal and a ‘habitual possession’ for the government and country’s inhabitants. The citizens will be enabled to trade digital assets for all kinds of payments and that too in ‘White.’ Buying, selling and holding of crypto will also become a thing for Ukrainians. However, the deputy also highlighted that the bill approves and legalizes crypto payments only and will not constitute Bitcoin, Ethereum or any other crypto asset as a legal tender. 

Cryptocurrency Adoption and American Infrastructure Bill Roundup

While cryptocurrency adoption has significantly surged worldwide, authorities have also been taking the charge to launch their Central Bank Digital Currencies. However, the authorities also seem to be skeptical about digital asset scams and are trying their best to regulate the crypto space. Amidst the horse race between countries of introducing CBDC’s Ukraine has now successfully registered itself in the very first winners.

Furthermore, the proposed $1 trillion American Infrastructure Bill has received severe criticism by the crypto community. After the government received heavy resentments on the complex language of the Bill, few senators have proposed amendments, however, the amendments are yet to be approved and may result in a partial win for the crypto community. 

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