Back to the list

Ukraine Reportedly Looking to Legalize Bitcoin and Other Cryptos


www.cryptoglobe.com 29 September 2019 21:02, UTC
Reading time: ~2 m

A recently appointed deputy minister for Ukraine’s Ministry of Digital Transformation has reportedly confirmed that legalizing bitcoin and cryptoassets is a top priority for the organization.

Ukraine Planning to Legalize Bitcoin

Speaking with Liga.net, Alexander Bornyakov said that his agency is planning to legalize cryptoassets, as opposed to the legal “grey area" which they currently operate within for Ukrainians. 

In addition to legalizing bitcoin, the state registries are planning to be moved to a blockchain-based network. Bornyakov says the decision is apart of a broader effort by the country’s Deputy Prime Minister for Digital Information, 28-year old Mikhail Fedorov. 

Fedorov told the Ukranian Truth on Sept. 27 that he intends to turn the state into a “simple service” in the vein of popular applications such as Airbnb, 

[It should be] convenient and unintrusive… so that when you [interact] with the state, you feel comfortable, just like [when] you order Uber, Booking[.com] or Airbnb.

While cryptocurrency is not technically illegal under Ukrainian law, it does occupy a grey area that puts crypto businesses at risk due to a lack of official status. Fedorov said that he intends to make crypto legally recognized under the state, which will also help in the collection of taxes, 

People who do this (cryptocurrency) Should get out of the gray zone and start paying taxes.

Featured Image Credit: Photo via Pixabay.com

Back to the list