Bitcoin Forum

Ukraine has legalized #Bitcoin. Really A another Good news for all the crypto communities.

https://i.imgur.com/9N3GqWy.jpg

What do you think some more countries will initiate for the same?

This kind of news is good, but I think you are wrong to equate El Salvador with Ukraine. In El Salvador Bitcoin is an official currency (https://www.theverge.com/2021/9/7/22660457/el-salvador-bitcoin-legal-tender-currency-cryptocurrency-chivo-wallet). On the other hand in Ukraine what happened until now is that there was no regulation on cryptocurrencies and the law that has been passed regulates them as a financial asset but not as a currency with which you can pay taxes: (https://www.kyivpost.com/technology/parliament-passes-law-to-legalize-cryptocurrency-in-ukraine.html)

"Although virtual assets are now legitimate in Ukraine, Ukrainians cannot use them as a means of payment or exchange for goods or services — only the official national currency, the hryvnia, has this power. However, Ukrainians can own, exchange and trade cryptocurrencies using local or foreign exchange platforms registered in Ukraine."

Sorry to break the news to you friend, but Ukraine had never made Bitcoin illegal. Even before this law had passed, no one was going to get caught or prosecuted and sent to jail or fined for using/trading Bitcoin.

The only thing this law does is regulate crypto, which can be good for business, but the restrictions also limit the use of it for other than purposes defined.

at least there is a clear development in the ukraine state after the regulation is passed. thus the use of bitcoin is not an illegal activity, so that the people there can carry out activities according to predetermined limits. on the other hand, this hopefully will be an example for other countries to make clearer regulations so that bitcoin will be increasingly adopted mass

Mind stop shitting the forum hijacking thread for your stupid site? why not create your own thread and post there about your advertising to show professionalism ?

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Ukraine does not acceped/adopted Bitcoin like how El Salvador is so please stop spreading wrong information

Another country allowing Bitcoin! That's a great milestone for everyone. Imagine applying it since 2020 and now it was approved and I think this is just the first step towards global adaptation and acceptance of Bitcoin as a currency. I think having Bitcoin is the best way to take advantage of your future.

It was considered in the gray area for a long time and it seems this legalization is better, right?

Found this article: https://www.cnbc.com/2021/09/08/ukraine-legalizes-bitcoin-and-cryptocurrencies.html

The world is advancing into what I call a cashless society. And all Governments have to understand that Bitcoin is here to stay and also Cryptocurrency is growing rapidly. Good news that Ukraine have Legalized Bitcoin, Although, it wasn't illegal in the country before. But with the bill been passed, Citizens now have the permission to buy and exchange Bitcoin and other Cryptocurrencies in the country. In the nearest future, more Government will also acknowledge and accept Bitcoin.

"The new legislation also spells out certain protections against fraud for those who own bitcoin and other cryptocurrencies" is the part of the law I haven't yet understood. As far as I know, in order to actually "own" bitcoin, a person should have direct access to the keys unlocking corresponding UTXOs. If a person somehow loses that access due to phishing or physical attack, or, for example, accidentally transfers coins to an address he has no control over, how is the government going to protect the said person? Addresses are pseudonymous, transactions in bitcoin are irreversible: if a person failed at self-custody of his coins, those are gone for good, and no one can return it back. Finally, I don't think that governments are capable of protecting against cryptocurrency frauds because, in most cases, victims being greedy or seeking get-rich-quick schemes will hand over their coins absolutely voluntarily.

Ukraine legalized bitcoin because the government has an open view of the innovations offered by bitcoin technology and they certainly realize that by adopting bitcoin it can make it easier for people to make transactions or for other purposes, hopefully the ukraine state will soon make bitcoin fully legal tender like El Salvador.

I read the news about Ukraine yesterday, and I think it's a good step forward, but this law is only one step towards the creation of the national regulatory framework that will cover cryptocurrencies. There's a roadmap for the next few years of developments, and this is only the beginning. Allegedly, Bitcoin will become a form of payment, but this is planned to happen in a few years. For now, cryptos are virtual assets, Also, even though the law was passed, the President still has to sign it, and its points will be enacted only when the related taxation legislation will be enacted. And the law itself wasn't officially published yet in its final version, so it's hard to get info about the details.

A step in the right direction. The world is gradually coming to the realization that bitcoin is here to stay. "In a nearly unanimous vote, the Ukrainian Parliament adopted a law that legalizes and regulates cryptocurrency. The bill was set in motion in 2020 – and it now heads to the desk of President Volodymyr Zelensky." From the afore mentioned statement, doesn't this defeat the purpose of decentralization?

https://www.cnbc.com/2021/09/08/ukraine-legalizes-bitcoin-and-cryptocurrencies.html

I did not know why OP got it wrong from El Salvador to Ukraine. They are different countries and the legal tender in El Salvador was announced months ago, not 3 days ago when it officially went into effect in that nation.

Follow the Nayib Bukele Twitter (https://twitter.com/nayibbukele) for real time update on what's going on with Bitcoin legal tender and community support in that country.

El Salvador is the first ever nation makes Bitcoin legal tender. They are the first ever nation that bought Bitcoin dip.

if indeed ukraine has legalized bitcoin, you can say this will be good news, at least their citizens can freely adopt bitcoin, and can invest in bitcoin, without any more arrests of citizens who play in the crypto world, hopefully this news is true and can be published believe..

So, the right title should be

That bill is damn long and translate isn't really helping but one point among many others intrigued me:
https://pastebin.pl/view/d934f284 (raw google translation here)


So, the CB will have a final say on every pair an exchange that operates in Ukraine can have listed?
Eh, at least they didn't empower the CB to set exchange rates also.  :D

Anyhow, no point comparing this to Salvador, the current status even with this bill is actually far worse on paper than in many other state.

At least this is good news for ukraine friends, good development for bitcoin in your country. it's enough not to be banned, maybe it's better than a country that is absolutely not allowed to transact anything with bitcoin and can't exchange coins at local merchants in their own country. It deserves appreciation for this. Hopefully bitcoin will be more advanced later.

The main purpose behind this bill is to provide asset clarification and protection for Bitcoin holders, as Bitcoin was previously considered illegal in this country. Now, when this bill is passed Governments and courts can reasonably protect individuals and businesses.

one good news if ukraine has legalized bitcoin, but from what i read here ukraine only legalized bitcoin as a crypto currency and only for investing
different from elsavador which makes bitcoin a legal payment,
but hopefully other countries follow ukraine which has legalized bitcoin and other crypto even though it's only a law

The law on virtual assets adopted in Ukraine is quite good. However, it is framework, that is, it establishes only general terms and involves the additional introduction of bylaws for a more detailed regulation of the cryptocurrency. This is not very good, because at the local level, officials can degrade its quality with their clarifications.
In Ukraine, they are also going to adopt bill No. 2461, which is designed to establish clear rules of taxation and provides for a profit tax of 18 percent for enterprises and organizations and 5 percent for individuals, an object subject to taxation is calculated as the difference between the amount of sold cryptocurrency and the cost of mining or buying it.
In general, for citizens, 5 percent of the tax is quite acceptable. It would be better to pay 5 percent and sleep well.

It will also determine how Ukraine will regulate the cryptocurrency market in the future (https://www.kyivpost.com/technology/parliament-passes-law-to-legalize-cryptocurrency-in-ukraine.html).
You are correct that it wont be like allowing full use of decentralized crypto. Both El Salvador and Ukraine are not very big economic powers, so this wont have much impact on bitcoin price. Still its something in favour of BTC that at least its getting attention from governments (though small).

As many said now, people can earn bitcoin or receive legally just because of the taxes law. What I can say is that in Cernautzi I tried with a portuguesse guy to do some mining in 2016 and it was illegal, we had problems until we understood the law and we give up. I've been told that not many changed.

By law amendments to the BILL (https://w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=69110) drawn up and passed by the Ukrainian parliament. This was conveyed by Deputy Prime Minister of Ukraine and Minister of Digital Transformation of Ukraine, Mykhailo Fedorov (https://twitter.com/FedorovMykhailo/status/1435540295685398530)
This is just a step to legalize Virtual assets. Now in the position of Bitcoin in Ukraine, it is included in the 2nd type of asset class after property. With the reason that property has material properties, while making Bitcoin and Ethereum in the second position because by their nature they do not have physical material.

We won't really think of this as an issue of concern. Because I also can not fully guarantee. What I convey from various sources or articles  (https://forklog.com/ukraina-priznala-kriptovalyuty-podrobnyj-razbor-zakona-o-virtualnyh-aktivah/) (I need a google translate translation to understand it). That way basically a 20% chance it could be in the future that Ukraine does not rule out the possibility of being El Salvador. But there is something we need to note here, that as long as Bitcoin is still in the category of the 2nd Virtual asset type, it means that Bitcoin is only legal; to be exchanged or even as an investment asset.

This is good enough news, compare to other countries who openly put a ban to the their citizens not to trade btc I think this is very positive news, I'd many countries can put btc in "2nd virtual asset type"  with the legal freedom to trade everyone will be pleased with such news, I see this news as the beginning of good things ahead for Ukraine.

Yeah. its true. Yesterday, the Ukrainian Parliament passed a law that legalizes and regulates bitcoin in the country. The bill drafted in 2020 passed with a total of 276 lawmakers supporting the law, and only six against it. This bill gives the citizens “permission” to own and trade bitcoin and other cryptocurrencies on exchanges. Btw, Ukraine GDP $153.8 billion USD vs El slavador is only $27 billion

We are growing fast!

It wasn't illegal in the first place so it's not really that significant, they just made bitcoin regulated there and at the same time protect their citizens and have the crypto community in there have some representation.

I also agree that this is very good news, because ukraine has legalized bitcoin,, not like other countries that are still against bitcoin, even in my own country it is very difficult to adopt bitcoin, hopefully with ukraine legalizing bitcoin, other countries will follow suit their steps, now we are just waiting, whether their economy will improve, after they legalize bitcoin..

Ukraine will be the fifth country to set some ground rules regarding cryptocurrency transactions. The Ukrainian parliament adopted a law that legalizes and regulates cryptocurrencies. The law has actually been drafted since 2020 and is on its way to the President's desk, cryptocurrencies in Ukraine are currently in a gray position. Locals are allowed to buy and exchange virtual currency. However, companies and exchanges dealing with cryptocurrencies are often closely watched by law enforcement.

Atleast Ukraine didn't ban bitcoin. For me it is doesn't matter if bitcoin is recognized by country or not as long as the country didn't ban Bitcoin then it is enough for me. In my country bitcoin is not legal or illegal, the government just will not get involved in any problems related to it. The citizens invest with their own risk, government don't give any protection regarding this. It still good because cryptocurrency related business still keep growing and don't have any problems as long as the company don't break the existing government rules such as do something that originally illegal. But if Ukraine go to the next step which is regulate the use of bitcoin and treat it as legal tender then I think we can expect more countries will follow Ukraine move.

The Ukrainian GDP doesn't matter and the El Salvadorian GDP doesn't matter as well.
The good news is that Bitcoin gets legalized in many countries,as a legal tender or as an investment asset.
That doesn't mean that the majority of the Ukrainians and El Salvadorians will start using Bitcoin immediately.
There's still a long way to for us achieve mass BTC adoption.
It's funny how the government "gives permission" to it's citizens to own something.Bitcoin was already a thing in Ukraine,before the government's decision to "give permission" to it's citizens to own Bitcoins.

Yes, of course, clarity is always a good thing, but any lawyer or legal professional usually can tell you that a lack of clarity actually helps you on the defence. Which means, if there is no law saying that what you're doing about crypto is illegal, then by definition it is legal.

Which is why all the India drama about banks closing crypto accounts was finally overturned in the Supreme Court:)

from what I read from the article information above, the good news is

• El Salvador was the first country to accept bitcoin as legal tender. this is of course good news for crypto users, especially bitcoin, and most likely the development of this technology will not have problems in the country.
• Ukraine also recognizes and accepts bitcoin, in fact they started developing regulations for it. it's just that unlike El Salvador, the Ukrainian crypto bill does not facilitate bitcoin as a form of payment. but still, it's great news
• on the other hand, Cuba also passed a law regarding cryptocurrencies, and began to recognize cryptocurrencies on the grounds that it was of socio-economic importance
• and lastly, it seems like Panama is also drafting regulations regarding cryptocurrencies. hopefully these things will be more positive in the future.

if this can be realized, maybe this will be a good first step for Ukrainian citizens, Ukraine will be the next country to legalize the cryptocurrency Bitcoin Cs. The Ukrainian parliament has just signed the Virtual Assets Law, which contains regulations regarding the legalization of crypto assets. Later, if the law is actually signed by President Volodymyr Zelensky, the government will legally guarantee protection for owners of virtual assets and exchange platforms from fraud.

This is indeed good news.
Another country passed Bitcoin, which is expected.
I believe that many countries will gradually set Bitcoin as legal currency.
Mining is available in more and more places, and miners don’t have to go to other countries for mining.
Convenient for everyone.

Despite these good news about bitcoin being legalized , we see no positive momentum in bitcoin prices. Even the quantity of bitcoin is less on exchanges yet it seems that bitcoin price is mostly control by the whales which includes exchanges as well.

I'm always happy to hear positive news that says there are countries that legalize Bitcoin. This means that Bitcoin is increasingly accepted by many
people and will continue to grow even more rapidly, I am sure that the government supports Bitcoin. This will speed up the process of Bitcoin adoption
in Ukraine, this will also have a positive effect on the development of Bitcoin prices. Hopefully there will be more active Bitcoin users in Ukraine,
if that happens it should help push the Bitcoin price even higher. I can't wait for other countries to legalize Bitcoin, because what Ukraine does is
very likely to be followed by other countries around Ukraine.

and the most appreciative on this is us, this community in which seeking for more and more adoption or unlocking bitcoin.
Ukraine might not be like what El Salvador does but atleast their people is seeing bitcoin in good way and not something that must be afraid of.
i always fond when hearing same news though it is frustrating because the title says different in what Ukraine really stands for crypto specially bitcoin.
but who knows that some day or near future that they will take an action towards using bitcoin as their legal tender as well.

Well, in overall, this is good news.

This gives the confidence to the people there that there's nothing to worry about bitcoin transactions and if it's announced by the government that they're legalizing bitcoin and everything that's related to it.

Of course this is good news, with a current population of more than 50 million then ukraine will have a big impact on the market, of course there are many benefits to get from ukraine because crypto transactions continue to increase and become an opportunity for tax revenue.

yes this is good news for the bitcoin community, but on the other hand I heard that bitcoin can not be used as legal tender in Ukraine. the existence of bitcoin in Ukraine may be the same as my country, which was only ordered by the government to keep up with the times so as not to be left behind by other countries, but Bitcoin is only a place to earn additional income and not as a legal tender in my country.

there is nothing happier than reading news about a country that legalized Bitcoin
other countries will definitely start to re-discuss the rules about crypto in their country

the bitcoin trend is getting better day by day and the community is getting stronger

Good for them. Btw they didn't helped bitcoin but their own country and people. And this is what i have been emphasizing on, that its not for cryptos interest but the people. Bitcoin won't loose its worth, no matter if a country accepts it or not but the people are going to miss out its benefits if their respective govt don't accept it. They will learn but it'll take some time.

Time will tell how people will use bitcoin or any other crypto to their advantage. Some will be hesitant at first because that's normal reaction towards new technology. But once they find out about the benefits or the convenience that it may bring to them, they will change their stance on this matter. Just like protesters in El Salvador, I bet most of those who were protesting didn't have any prior experience with bitcoin or crypto. So it really takes time for the people to appreciate what's in store for them in crypto. We are not in a rush anyway.

Bitcoin is already legal in lots of countries. If you check Wikipedia you’re going to see that there are lots of countries there that are marked  as countries where Bitcoin is legal, and there are places also marked as where it is illegal. So, it’s already legal in lots of countries, But we are hoping for all those countries that have banned Bitcoin too make it legal and allow their citizens to start making use of it.

Although I know that banning Bitcoin or not doesn’t really stop people from making use of it, because people can still continue to make use of Bitcoin since it is decentralized and they can’t be traced. That’s why we have P2P websites or exchanges that will help people to carry out their transactions with Bitcoin without the government or anyone looking into it, and controlling it.

I think it is the other way around, there are countries that already came with a law to ban or accept them and then there are countries that are neutral to the new cryptocurrency market because they did not come up with a law to ban or accept them. If you look at the market, the majority does not have a legal framework and hence we can say that it is neutral towards the cryptocurrency market at present.

Users who are intelligent will always find a way to overcome restrictions and if there is a country that restricts them then they can trade from countries and platforms that accept them. In short it is impossible to restrict the market, the best they can do is to make things difficult.

Yes, some countries have legalized Bitcoin but they didn't legalize it as legal tender and this is what makes El Salvador different from all the countries that have legalized Bitcoin.
To me, the Ukraine and Greece government seems not to be serious about the issue of Bitcoin legalization because they have been on this talk for a long time before El Salvador think of using Bitcoin as legal tender and if this continues they may not legalize Bitcoin while they continue talking about it every year.

It can be said that after El Salvado was officially the first country in the world to legalize bitcoin, there were many positive effects. Ukraine's moves are showing optimism for bitcoin, nonetheless it will take time to build the infrastructure to ensure smooth bitcoin operations. Similarly, El Salvado has set up bitcoin ATM. The market will be more excited for a new survey from this American citizen.
A total of 4,912 adults in the United States participated in the survey, with 61% having no objection. This is a sound with great hope for the full legalization of bitcoin in the US and around the world.

https://static.news.bitcoin.com/wp-content/uploads/2021/09/yougov.jpg
Source: https://news.bitcoin.com/61-of-us-adults-do-not-oppose-bitcoin-as-legal-tender-survey-shows/ (https://news.bitcoin.com/61-of-us-adults-do-not-oppose-bitcoin-as-legal-tender-survey-shows/)

Finally, Ukraine ends up legalizing bitcoin and that's only the important thing. Hopefully, the next big step will be adopting bitcoin as a legal tender just like what El Salvador has did.  This is a very positive news in the crypto market and if by chance they will start adopting bitcoin too as a local currency then this news might bring bitcoin closer to its new ATH.

Despite of some negative news that come out like banning bitcoin in some countries, there are still countries who chose to be positive on bitcoin. And by simply believing bitcoin, this will create surely in the later part more positive and amazing news that will give credit to the crypto market.

Ukraine will be the sixth jurisdiction to establish certain cryptocurrency transaction guidelines. The Ukrainian parliament has passed legislation legalizing and regulating cryptocurrency. Although the bill has been in the works since 2020 and is on its way to the President's desk, cryptocurrencies are presently illegal in Ukraine. Virtual money may be purchased and exchanged by locals.

Yes, that is quite good news. But the full news is that Ukraine just gave permission to their people to use it in their country as a financial method. But they didn't approve it as their native currency like el salvador. They are trying to regulate. That is why they want their people to use bitcoin, like buy, sell, or exchange, using their country's services like exchange or wallet, so that they can control the middle man, like India, but Ukraine has full freedom to use bitcoin. But not as their native currency, only as an investment asset. Well, it is also good that, slowly but surely, all countries are becoming involved with bitcoin. They can't ignore it more. That is a good sign.

Congratulations to every crypto-currency ukrainian, the best encouragement for crypto-currency users is when their government aren't against it, ukraine population isn't up to 45 million people and this population isn't half of that in my country, but already showing maturity in digital acceptance, I think good news coming about from the legalisation of Bitcoin in ukraine especially from neighboring, countries may cause logically decision to unbanning Bitcoin if there was any, but news like scam, money laundry or tax evasion will be no good to unbanning of crypto-currency else where
And I hope my country can see countries like ukraine and adopt Bitcoin.

Ukraine started the process of cryptocurrency legalization in the end of the last year, but it's still not final yet. Afaik the taxation has not been fully implemented.

Overall this law is about recognizing Bitcoin and crypto as property rather than as currency. I don't think anything will noticeably change for crypto users until taxation will be implemented.

Of course it's good news that more and more countries are liberating bitcoin. that means bitcoin has been trusted and we can use it as best we can. although there are several countries that prohibit it, it has no effect on the existence of bitcoin itself. if indeed bitcoin is increasingly having an existence in the future then we can prepare for it from now on by managing our assets as well as possible. I think it's a good thing if the price of bitcoin is getting higher and higher in the future

What I read is about this as in the following quote, not as a legal tender like El Salvador. You can read the full news here: https://www.newsbtc.com/crypto/ukraine-adopts-new-law-to-legalize-bitcoin-and-other-cryptocurrencies/

This often happens in several countries.
It also happens in my country where cryptocurrency is also legal under the law of our governmental institution, but as a commodity (digital asset), But it is illegal as a currency.

There is some progress in Ukraine towards crypto. However such legalization of crypto for Ukrainians means only new taxes for those who’ll show crypto income. Phrase “Due to the fact that legislative regulation of this area appeared, they [Ukrainians], at least, will be able to protect their money in virtual assets if something happens.” - that one Ukrainian deputy minister have said, sounds so cute. But to say the truth, Ukraine is still very far from making BTC as a form of payment.

Taxation will probably have come next when the law will state about it and when it is finally recognized as an alternative currency. This will be accompanied by strong support from the government and as well as from the community itself like in El Salvador.
Well, I believe this is another success story of Bitcoin legalization (soon) and this will also give a huge impact on the market and the trust of the community. It will just take time before the wide acceptance of Bitcoin will start.

Really? Ukraine has long been known as crypto-friendly country and has best crypto communities in the world. But I don't think it now accepts Bitcoin as El Salvador does.
Maybe just one more regulation.

Ukraine's legalization of Bitcoin is a positive news, which has a positive impact on the country and the crypto market, and the Bitcoin market continues to grow.
This means that Bitcoin is accepted by more and more countries, and Bitcoin users are also increasing, which is also very beneficial to the price of Bitcoin.
In the future, more governments will realize the value and importance of Bitcoin, and will gradually recognize and accept Bitcoin.

Looks Like you did not farm any merit from this post? while those tricky Foodchain thread you created gain your 6 merits in totality  ;D

Ukraine does not legalized Bitcoin like what EL Salvador does so there is nonsense to compare those 2.

and also Ukraine is more step behind from accepting bitcoin as legal tender.

Of course this is good news, ukraine is a country with strong economic power so that if you support bitcoin it will have a big impact on the world, with more and more countries accepting bitcoin, you can be sure bitcoin will shine even more. And directly ukraine citizens will also benefit greatly from the adoption of bitcoin because there are many things that can be used from bitcoin.

@wilkine It is true that Ukraine has legalised the crypto but they have not yet equaled it to their national currency hryvnia. There is no compulsion of accepting it as a payment method throughout the country.

It's a Bitcoin Bill drafted in 2020 and passed by lawmakers recently. Out of 276 lawmakers, 270 agreed with the bill and only 6 were against it. At least now there's clarity on matters bitcoin and Ukrainian law which was lacking before. Citizens can now own and trade btc plus other cryptocurrencies without fear of a govt crackdown.

Hello everyone! I write story about crypto legalized in Ukraine . I live there since I was born . my history will open your eyes to what is happening in ukrian, in 2019 I sold my grandmother's apartment and, on the advice of my friends, bought bitokins, I bought them with all my money savings. The day before, I decided that I wanted to cash out bitcoins and buy myself an apartment, since all the time a Jew is in a rented one. when I came to the bank to transfer bitcoins into dollars, as soon as the cashier found out that I wanted to receive a huge amount to my account, I immediately called the administrator, so she asked me a lot of questions how I got the bitcoins, I explained what I bought with the last money, showed a prompt about selling an apartment, but she was suspicious of how a young man could have such an amount and called the police, they took me to the police station and began to correct me, saying that I was a fraud and here's the denouement of the story, take my 11 bitcoins from me and said that I could go to jail ! I am so sorry , can you donate me for good lawyer my BTC wallet is 14PiKvaeSqVAktSxs3m1fGrjFGFddbEUsj

I think you should read more carefully about the news, the legalization of cryptocurrency in Ukraine is different from what happened in El Salvador which made bitcoin a legal currency.
Ukraine's crypto law does not facilitate the launch of bitcoin as a legal of payment and does not place it on an equal footing with the hryvnia, the country's national currency and the law on legalizing crypto currency in Ukraine is still in the presidential approval process