Ukraine Just Legalized Bitcoin

[wtsimis]

Ukraine's parliament has supposed a new law that legalises cryptocurrency. The bill was adopted in a near-unanimous vote on Wednesday and needed to be signed by President of Ukraine 'Volodymyr Zelensky'. From today, trading or vendoring in crypto in Ukraine has existed in a legal grey area. Local peoples are now permitted to buy, sell and exchange cryptocurrencies, but law enforcement will often see companies and exchanges dealing in crypto.
Ukraine's crypto law does not promote bitcoin as a form of payment or legal tender or does not put Bitcoin on an equal floor with the hryvnia (Ukraine's national currency).

Sources: https://www.thestreet.com/investing/bitcoin-goes-to-war-ukraine-legalizes-cryptos-as-russia-pressures-build

[1714110392]

1714110392

[1714110392]

1714110392

[1714110392]

1714110392

[1714110392]

1714110392

[virasog]

First Russia adopted crypto and announced to make it legal and now the Ukraine did the same. Both of these countries are at the verge of war against each other.
Though it makes no sense but still i wonder if the tense situation in both countries is the triggering point for the adoption of bitcoin?

[avikz]

Ukraine's parliament has supposed a new law that legalises cryptocurrency. The bill was adopted in a near-unanimous vote on Wednesday and needed to be signed by President of Ukraine 'Volodymyr Zelensky'. From today, trading or vendoring in crypto in Ukraine has existed in a legal grey area. Local peoples are now permitted to buy, sell and exchange cryptocurrencies, but law enforcement will often see companies and exchanges dealing in crypto.
Ukraine's crypto law does not promote bitcoin as a form of payment or legal tender or does not put Bitcoin on an equal floor with the hryvnia (Ukraine's national currency).

Sources: https://www.cnbc.com/2021/09/08/ukraine-legalizes-bitcoin-and-cryptocurrencies.html#:~:text=Ukraine%20is%20the%20latest%20country,the%20cryptocurrency%20slowly%20goes%20global&text=In%20a%20nearly%20unanimous%20vote,desk%20of%20President%20Volodymyr%20Zelenskyy.

Am I the only one who thinks that Ukraine is considering a war is imminent and paved way for their citizens to move to a decentralized form of currency in case the need arise in future? I may be terribly wrong but I welcome the fact that Ukraine has taken at least a right step. Legal grey area is a dangerous thing and some crypto exchanges of my country have already experienced this. So it's always better to have everything in black and white which is not only efficient but makes it easier for everyone to adhere to it. That brings speed and trust within the ecosystem. I hope Ukraine gets full benefit from the legalization of cryptos and probably set an example to the world.

 

[DdmrDdmr]

The news is not new, but dates back to September the ninth 2021 (the bill was finally past the prior day), and the bill was being thrust to and fro since 2020. I don’t think they has the current situation with Russia in mind at the time of passing the bill.

... but wait, there are some references to it being today the date when they passed the bill, which is confusing:
https://watcher.guru/news/ukraine-legalises-bitcoin-and-other-cryptocurrencies?c=533

Summary:It seems that the article referenced in the OP relates to September 2021’s draft law, which was passed by the Ukrainian Parliament, but not signed by the President. The necessary changes were made and the law was formally passed today, legalizing cryptocurrencies in the country.

[LeGaulois]

It doesn't change anything for the citizens since it wasn't illegal in the first place. As mentioned in the article, people are already using it. Do I need to remind you that we don't need any approval from any government to use Bitcoin? Who cares if Ukraine decided to make it illegal? Surely not the Ukrainians themselves.

It only helps companies to make sure that they are operating in a recognized and supervised environment and that they won't get a surprise a day with someone telling them "you have to close the doors tomorrow".

Not really a new per se, or I mean not an important one. There are like 300 countries worldwide so expect to see a few hundred appearing from time to time.

I too think there is no relation between Russia VS Ukraine. Making a currency "legal" doesn't mean it's a currency "official" or that could be used by the government

[franky1]

Both of these countries are at the verge of war against each other.
Though it makes no sense but still i wonder if the tense situation in both countries is the triggering point for the adoption of bitcoin?

take away the TV. take away the western media.
and you will see no bullet has been fired between ukraine and russia..
yet every day people in america cross state lines to shoot out rival gangs..

america has more tension.

the whole Russia/ukraine might seem a little tense if you live within 5 miles of the border. (more wonder/nervous than fear) but if you live 50 miles away.. its just another ordinary day. people go to work, people play music, games, have social lives. do normal things. politics and industry continue.

just because there is some political tension. does not mean industry stops. its not like peoples toilets dont flush because they turned off the water utility industry... life goes on, lights still work, toilets still flush

there are loads of Slavic social media platforms. some with good translations. its easy to talk to people and tell them about how they are feeling day to day. .. most are just doing the norm

when 'capitol hill' was being breached in washington. do you think people in arlington, alexandrine just dropped everything.. nah, they went to work as usual
take the wars in iraq and Afghanistan.. farmers still farmed. retailers still sold goods.
all they done was not be within 5 miles of the 'danger zone'

[Vaculin]

Ukraine's parliament has supposed a new law that legalises cryptocurrency. The bill was adopted in a near-unanimous vote on Wednesday and needed to be signed by President of Ukraine 'Volodymyr Zelensky'. From today, trading or vendoring in crypto in Ukraine has existed in a legal grey area. Local peoples are now permitted to buy, sell and exchange cryptocurrencies, but law enforcement will often see companies and exchanges dealing in crypto.
Ukraine's crypto law does not promote bitcoin as a form of payment or legal tender or does not put Bitcoin on an equal floor with the hryvnia (Ukraine's national currency).

Sources: https://www.cnbc.com/2021/09/08/ukraine-legalizes-bitcoin-and-cryptocurrencies.html#:~:text=Ukraine%20is%20the%20latest%20country,the%20cryptocurrency%20slowly%20goes%20global&text=In%20a%20nearly%20unanimous%20vote,desk%20of%20President%20Volodymyr%20Zelenskyy.

Am I the only one who thinks that Ukraine is considering a war is imminent and paved way for their citizens to move to a decentralized form of currency in case the need arise in future? I may be terribly wrong but I welcome the fact that Ukraine has taken at least a right step. Legal grey area is a dangerous thing and some crypto exchanges of my country have already experienced this. So it's always better to have everything in black and white which is not only efficient but makes it easier for everyone to adhere to it. That brings speed and trust within the ecosystem. I hope Ukraine gets full benefit from the legalization of cryptos and probably set an example to the world.

 

This news is not something new as legalization was already observed before way back Sept 2021. The breaking news i want to hear is that when they will legally adopting bitcoin as their official currency, or even just an alternative to their official currency hryvnia. Because once it happens, it will follow the path of Russia and El Salvador that could create a massive price surge for bitcoin in the market. But at least, we're seeing bitcoin mining and trading already legal, that's still a good factor though.

[Fortify]

Ukraine's parliament has supposed a new law that legalises cryptocurrency. The bill was adopted in a near-unanimous vote on Wednesday and needed to be signed by President of Ukraine 'Volodymyr Zelensky'. From today, trading or vendoring in crypto in Ukraine has existed in a legal grey area. Local peoples are now permitted to buy, sell and exchange cryptocurrencies, but law enforcement will often see companies and exchanges dealing in crypto.
Ukraine's crypto law does not promote bitcoin as a form of payment or legal tender or does not put Bitcoin on an equal floor with the hryvnia (Ukraine's national currency).

Sources: https://www.thestreet.com/investing/bitcoin-goes-to-war-ukraine-legalizes-cryptos-as-russia-pressures-build

Economically it makes sense to allow it, as Bitcoin/crypto is driving a lot of new online businesses and it allows them to relocate to this countries under a regulatory framework. We see it in places like Estonia, which is a techhub creating some great tools on the blockchain and creating a lot of innovation, but more importantly these things create jobs and tax income for the government. Their citizens are going to do these things anyway, so it's better off that they can monitor certain flows and citizens feel less incentive to try hiding them. In the end, all but the most extreme authoritarian governments will eventually take this route, unless they start creating their own country based version and want to block out the competition.

[terrific]

Being a legal tender and legalized are two different things. People may go and over extend a news when it's all about legalization of bitcoin. They're now like setting a standard for themselves that it's like a legal tender implementation.
With the tension that's been there on Ukraine with Russia, they're still having bills that's outside the protection of their country which should be focused there. This law is like other countries that haven't made any bill yet bitcoin and any activity except illegal is adopted in countries that are okay with it.

[Leviathan.007]

Whenever I see any news about Ukraine I expect to see news from Russia attacking this country, these days. But the intreating thing about this case is Russia is trying to legalize bitcoin and the news was officially out a few days ago but right now and just a few days after that we hear Ukraine doing the exact same thing which is a bit odd because these two countries are not that much friendly together. Or maybe Ukraine is doing this because they are expecting to have a war with Russia soon. 

[rhomelmabini]

Am I the only one who thinks that Ukraine is considering a war is imminent and paved way for their citizens to move to a decentralized form of currency in case the need arise in future? I may be terribly wrong but I welcome the fact that Ukraine has taken at least a right step.

I think it's way better to be explained by a local individual that came from Ukraine if the tension between the two country was that intense or not. It's a good move for the crypto industry since we know that they are recognizing it may it be a legal tender or a currency.

[dothebeats]

First Russia adopted crypto and announced to make it legal and now the Ukraine did the same. Both of these countries are at the verge of war against each other.
Though it makes no sense but still i wonder if the tense situation in both countries is the triggering point for the adoption of bitcoin?

Probably not about the current situation on their borders, but bitcoin could be useful to these countries should they face economic hardships when war is expending more resources than they should, especially Ukraine since their currency is somewhat weak, and their citizens could use bitcoin and crypto to survive. Right now, Ukraine has taken a positive step that favors them somewhat, and places them in an advantageous position in the future.

[n0ne]

It is said, long back itself this discussion law is under discussion in the parliament. Days back some changes were made and passed in the parliament. Now it is forwarded to the president for approval. Though this is not a big positive news, it is to make good changes within the country business development. If war begins it'll surely affect the purchase power, by that time bitcoin usage could give way to safeguard funds.

[coolcoinz]

Whenever I see any news about Ukraine I expect to see news from Russia attacking this country, these days. But the intreating thing about this case is Russia is trying to legalize bitcoin and the news was officially out a few days ago but right now and just a few days after that we hear Ukraine doing the exact same thing which is a bit odd because these two countries are not that much friendly together. Or maybe Ukraine is doing this because they are expecting to have a war with Russia soon. 

Ukraine was actually trying to pass this bill for months but it was rejected at first. I'm pretty sure it was in the press somewhere in Summer of 2020, back when Russia remained negative, so it's not like Ukraine is copying Russian laws.
I like what they're doing. First you ignore it, then try to fight it, then you find that if you can't stop it you can support it and make some money in the process. If people make money with Bitcoin they still pay taxes in your country, so why would you fight it?

[Accardo]

Bitcoin is a safe haven for countries that have Eco's of war. But, it's not a new thing when Government Ban or Legalize bitcoin because people can still utilize their coins in different manners in the country where it's legalized or banned. Ukraine will see no much changes in their economy despite the recent news about bitcoin. I don't think it's something to celebrate though, unless for the few other citizens of Ukraine that will start using bitcoin for the first time in the country.

[AmoreJaz]

Bitcoin is a safe haven for countries that have Eco's of war. But, it's not a new thing when Government Ban or Legalize bitcoin because people can still utilize their coins in different manners in the country where it's legalized or banned. Ukraine will see no much changes in their economy despite the recent news about bitcoin. I don't think it's something to celebrate though, unless for the few other citizens of Ukraine that will start using bitcoin for the first time in the country.

it is still good news for the people of ukraine as it will give clear stance of their government towards bitcoin. so they won't be hesitant on owning btc stash as it has been declared legal. the impending war may truly be the reason why it led to this decision. after russia allowing miners in certain areas, now, it is ukraine announcing their stance towards btc. but i don't think we will see this russia-ukraine war, everything can now be resolved with good communication and settle for peaceful arrangements.
their people don't need this war while we are still in pandemic crisis. they need to think about the welfare of their constituents.

[pushups44]

It's great that Ukraine is trying to stand out as a nation that embraces both crypto and investment. Nations that embrace bitcoin stand to gain from taking such bold action before other countries do. Hopefully the situation with Russia will simmer down and Russia will respect Ukraine's borders. Ukrainians have been through enough since the Soviet Union and deserve their independence and sovereignty.

[Darker45]

The country has not yet officially legalized Bitcoin, right? If I'm not mistaken, the bill that was just passed by the country's legislators has yet to be signed by the president into a law. As such, the status of Bitcoin in the country remains. Although this is a big step already, there is still that possibility that the president would veto it. Let us not forget the first time Ukraine's legislature attempted to legalize Bitcoin, it was thumbed down by the president. I hope this new version would finally meet the expectations of the president. With a legalized status, Bitcoin would certainly thrive more.

[ropyu1978]

First Russia adopted crypto and announced to make it legal and now the Ukraine did the same. Both of these countries are at the verge of war against each other.
Though it makes no sense but still i wonder if the tense situation in both countries is the triggering point for the adoption of bitcoin?

Two countries are fighting each other, and until now their relationship is still not improving, most likely Ukraine legalized bitcoin because it wants to compete with Russia, Ukraine will also do what the Russian state is doing, they will also have an economic war with Russia, maybe this is the reason Ukraine is following Russian move to legalize bitcoin in their country..

[rudolfaxl]

Whenever I see any news about Ukraine I expect to see news from Russia attacking this country, these days. But the intreating thing about this case is Russia is trying to legalize bitcoin and the news was officially out a few days ago but right now and just a few days after that we hear Ukraine doing the exact same thing which is a bit odd because these two countries are not that much friendly together. Or maybe Ukraine is doing this because they are expecting to have a war with Russia soon. 

I think Russia and Ukraine legalizing bitcoin simply maybe they want to reduce their dependence on the dollar and they see the potential bitcoin. In history, Ukraine was once part of the Russian Soviet Union. No country wants war, if who wants the war to happen it's the US government.