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The Ukrainian Parliament passed a law that legalizes and regulates bitcoin in the country.
Recall, The bill drafted in 2020 and has passed with a total of 276 lawmakers supporting the law. However, The votes against the bill were just six.
This bill will bring transparency on the asset and protect bitcoin owners.
Also, Kyiv Post reported that Ukrainian law enforcement agencies once treated bitcoin and other virtual currencies as a scam. Of course, bitcoin businesses were raided in the country.
Now, Courts can protect individuals and businesses with this new bill.
For Instance, It shows guidelines for how Ukraine may try and regulate bitcoin more in the future.
This new bill gives citizens the access to own and trade bitcoin with other cryptocurrencies on exchanges.
A Ministry of Digital Transformation spokesman who spoke to the Kyiv Post, encourages the Parliament to open market for businesses and investors. For Instance, This will happen via passing and amending their tax and civil codes.
Worthy to Note, BTC is not however a legal tender in the country but there’s a possibility in the future. The country is likely to follow the footsteps of El Savaldor.
Bitcoin is currently very stubborn and on its way to becoming the world reserve currency — countries will regret not not buying into the system.