Ukraine Legalizes Bitcoin – Follow El Salvador?

 

Ukraine's parliament on Thursday created a framework to legalize Bitcoin and other cryptocurrencies. A total of 272 MPs voted in favor of the law.

The tug of war over the legalization of Bitcoin and other cryptocurrencies is over.

On Thursday, the Verkhovna Rada passed a “digital asset recognition law” by a majority of 272 votes. This emerges from a statement by the Ukrainian parliament.

The law will enable the introduction of a legal market for Bitcoin and Co. in Ukraine. According to the changes, the national stock exchange regulator will regulate the market for virtual assets in the future.

“ The new law is an additional opportunity for business development in our country. Foreign and Ukrainian crypto companies will be able to operate legally, while Ukrainians will have convenient and secure access to the global virtual assets market, ” says Deputy Prime Minister and Minister of Digital Transformation Mykhailo Fedorov.

A corresponding draft law has been circulating in Ukraine since September 2021. However, President Zelensky rejected this and called for the paper to be revised.

According to the Verkhovna Rada , Ukraine is among the top 5 countries in terms of bitcoin adoption. In the conflict with Russia , Ukrainian NGOs received half a billion US dollars in crypto donations.

At the same time, Ukraine is suffering from high inflation. This resulted in speculation that the Eastern European country could declare Bitcoin its national currency, following El Salvador's example. However, nothing was said about this in the law.

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