Ukraine Just Legalized Bitcoin

[Sanitough]

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.

"The bigger the risk, the bigger the reward." This belief is what makes Ukraine to legalize bitcoin knowing there is bigger potentials in it and since bitcoin creates more opportunities to make a country more developed and progressive. Also, the pressure that was built into Ukraine by Russia made their official currency dropped a significant amount, that made them think to adopt bitcoin. That way, bitcoin investors can help Ukraine to save it from its down economy. Source:https://interestingengineering.com/ukraine-bitcoin-law

[noorman0]

It seems like a decision of great urgency, when reading the article subtitles:

Bitcoin and other cryptos have been a source of donations to bolster Ukraine defenses as tensions with Russia have grown.

i draw the conclusion that ukraine need more funds in their current situation.
Don't know how many crypto users there are in that country. But if the legalization is meant to immediately levy taxes on crypto holdings, the potential for state revenue from it may be large enough to aid their defense operations.

[pooya87]

It doesn't change anything for the citizens since it wasn't illegal in the first place.

It does a little, and not just for companies but for regular people. You see, many people hesitate to buy bitcoin since the laws aren't clear or don't exist (unregulated) specially if they have to buy it P2P. But when bitcoin is regulated, they feel safer specially if there is a legitimate exchange they can trust with their money while swapping it for bitcoin.

[JohnBitCo]

good news coming from ukraine. although not as a means of payment, but the recognition of cryptocurrencies to be traded will make clear legal force for the citizens of that country, because of course there will be clear legal protection and the obligations of citizens that have been regulated in the legislation.

This is indeed a good news and i expected some good price momentum in bitcoin after this news. However, we don't see impact of these good news on the bitcoin prices. I wonder what  could be the reason for this ?
Anyways, i thnk the race of legalization of bitcoin have started and evenutally every country will announce it sooner or later.

[davis196]

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?

Russia and Ukraine becoming more liberal towards the crypto industry seems really weird.
Anyway,this is good news.It's way better for the crypto traders and miners in both countries to know that dealing with cryptocurrencies isn't in the "greyhat" area of legislation and regulations.
AFAIK,crypto isn't 'adopted' in Russia,because:
1.Crypto wasn't really banned in Russia.
2.Legalizing cryptocurrencies isn't exactly adoption.Real adoption would be the government and big companies starting to accept cryptocurrency payments,which isn't case and most likely will never happen.

[franky1]

It seems like a decision of great urgency, when reading the article subtitles:

Bitcoin and other cryptos have been a source of donations to bolster Ukraine defenses as tensions with Russia have grown.

i draw the conclusion that ukraine need more funds in their current situation.
Don't know how many crypto users there are in that country. But if the legalization is meant to immediately levy taxes on crypto holdings, the potential for state revenue from it may be large enough to aid their defense operations.

i draw the conclusion that it takes months to set up mining farms in ukraine
i draw the conclusion that any tax policy, would results in actual tax income.. the following year, not this week
i draw the conclusion when asic farms paying electric. the utility company doesnt pay the tax to treasury until financial year end
i draw the conclusion that Ukraine gov' has many options via IMF/neighbouring trade deals to pay its own defence. if needed this week.
i draw the conclusion that it takes months to buy/build military vehicles/weapons
i draw the conclusion that it takes months to train up soldiers

in short a bitcoin donation today will not result in an extra soldier tonight.

i draw the conclusion that anyone trying a "bitcoin beg" for donations is not the Ukraine government treasury officer. but some hapless douche trying to get personally rich from some event.

i draw the conclusion that Ukraine government allowing more currency options is just the government wanting to offer more freedoms to its citizens to hedge against different currencies. EG be less reliant on russian currency for cross border trades
yep. you may not hear it in western news, but even today ukraine and russia still do trade deals every day

EG instead of buying russian currency to move funds to russia people can buy bitcoin and send bitcoin to russia and let the russians convert to russian currency at their end. thus ukraine doesnt have to touch russian currency as much.

imagine forex reserves like
UAH:   1,000,000,000 <>2,870,000,000    :RUB    (rate 1uah=2.87rub)

by having less need for 1000m UAH in reserve for swaps.
UAH:   950 <>2870    :RUB    (rate 1uah=3.02rub)
UAH:   900 <>2870    :RUB    (rate 1uah=3.18rub)
UAH:   850 <>2870    :RUB    (rate 1uah=3.38rub)
ukraine can affect the forex rate of uah to rub

..
most of this 'drama' is not actually russia vs ukraine.
its actually the EU/nato not doing much to help out ukraine.
EU dont want to support eastern ukraine because of the 'pro-russian' ukraine citizens in eastern ukraine. and EU not wanting to be part of helping out 'pro russions'.
and also with ukraine wanting to join nato. but again nato is less than obliging because of the eastern region of the ukraine.

its more so that the EU/nato would prefer that eastern ukraine to go 'full russian' and have russia just take the territory into russian occupation so that whats left of ukraine is NOT pro russian, which has led to media drumming up the idea that putin will take eastern ukraine over

[m2017]

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

I don't see anything surprising in this news. Legalization of Bitcoin allows developing countries like Ukraine to receive additional taxes. I am 100% sure that from vendoring or trading, local residents will be required to pay taxes. It is for this and only for this that all this is started.

The fact that Bitcoin was not legalized as a payment method doesn't surprise me either. I'm 100% sure that no country in the world will agree to this. Why? Because Bitcoin is not controlled by any state and doesn't allow controlling financial flows, which, as you know, any government strives for.

[pooya87]

in short a bitcoin donation today will not result in an extra soldier tonight.

And Russia is not about to invade tonight either.

its actually the EU/nato not doing much to help out ukraine.

The problem started when US/EU started helping Ukraine and Russia felt threatened that they are building a base right in their backyard threatening Russian security. Essentially Russia is doing the same exact thing that US does whenever Russia tried getting close to any country close to US main land to establish a base there.

[Anonylz]

I don't see anything surprising in this news. Legalization of Bitcoin allows developing countries like Ukraine to receive additional taxes. I am 100% sure that from vendoring or trading, local residents will be required to pay taxes. It is for this and only for this that all this is started.

And developed countries will legalize it without additional tax....
you are required to pay tax anyways whether you trade on btc or not.

The fact that Bitcoin was not legalized as a payment method doesn't surprise me either. I'm 100% sure that no country in the world will agree to this. Why? Because Bitcoin is not controlled by any state and doesn't allow controlling financial flows, which, as you know, any government strives for.

if you don't want government control then don't dream of adoption, if government is in control of political, economic and social aspect of a country, shoulder the responsibility of protecting its citizens from internal and external treats, then expect them to do same in this regard, it may not surprise you, but it surprises me that countries find it important to legalize btc even when many people never thought it will happen 10 years back. 

[kotajikikox]

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

Then this will really affect the crypto market if the War of Ukraine against Russia ? because this is one of the good news now mate but what is in the war to come is a different thing.

If the war comes to start then this legalization may not take part because the negative effect will made the market and people rattle than investing in bitcoin .

[Roidz]

~snip~

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).

Although the Ukrainian state parliament did not legalize bitcoin as legal tender in their country like El Salvador did, but I think the decision taken by the Ukrainian state today will help the country's economic growth to develop further in the future due to the establishment of legal status towards crypto trading exchanges and their users, this will make it possible for investors in the country to pour their capital into crypto investments.

The legality of bitcoin carried out by ukraine at least provides guarantees to investors and crypto actors in the country, although the legality may not yet allow it as a means of payment, but at least it confirms that if ukraine is starting to open up to crypto developments in modern times like today, it may still be it's a long way for countries like ukraine to fully adopt as el salvador did , but I think at least ukraine has now started a fresh start for their economy.

[Taskford]

~snip~

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).

Although the Ukrainian state parliament did not legalize bitcoin as legal tender in their country like El Salvador did, but I think the decision taken by the Ukrainian state today will help the country's economic growth to develop further in the future due to the establishment of legal status towards crypto trading exchanges and their users, this will make it possible for investors in the country to pour their capital into crypto investments.

The legality of bitcoin carried out by ukraine at least provides guarantees to investors and crypto actors in the country, although the legality may not yet allow it as a means of payment, but at least it confirms that if ukraine is starting to open up to crypto developments in modern times like today, it may still be it's a long way for countries like ukraine to fully adopt as el salvador did , but I think at least ukraine has now started a fresh start for their economy.

Eventhough the adoption happened is so light still its really a good thing for investors knowing that there government allow them to use this and they don't have something to worry about its regulation and for what they did for sure another huge countries will think more deeper on their near next adoption so I guess we can see more countries come with bitcoin and hopefully we can also see the same like El Salvador adoption on third world country since it will really bring huge impact on bitcoin.

[poldanmig]

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

Finally there are more countries that are legalizing bitcoin now and this indicates that cryptocurrency is increasingly being accepted by countries in the world, with legal legality from the ukraine government of course this will open up the crypto currency market for businesses and investors who have been a little afraid to invest crypto, although the legality of bitcoin carried out by ukraine is not like what the Salvadoran government has done, but in my opinion, ukraine will slowly move towards adopting bitcoin as a whole and hopefully this news will be an impetus to increase the price of bitcoin in the market later regardless of the issue existing war.

[willoweb]

This is a step in the right direction. Despite the deplorable state of the political and economic policy of this country, they are doing the right thing in this matter. This approach will provide attractiveness not only for investment, but also for the influx of personnel who, over time, will be able to create and develop a promising direction in the economy. Ukraine over the past 30 years of its independence has missed (let's face it) many chances and opportunities. But apparently it's time to look ahead and think about the future.

[goldkingcoiner]

I somehow get the odd feeling that all of a sudden, countries are "legalising" Bitcoin without actually wanting to go full Bitcoin except El Salvador. Why not recognize it as legal tender, already? Ukraine has around 7 times the populations of El Salvador, so we could see a very nice pump. But as of currently, I only see dips. Really not so sure as to why Russia and Ukraine legalising Bitcoin hasn't had an effect on the price...

Is it the war scare? Whats really going on?

[Renampun]

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

when Russia recognized bitcoin, Ukraine didn't want to be left behind lol...

Ukraine has realized that by regulating crypto in their country, it will have a big economic impact on their country's economy. taxes generated from cryptocurrencies can definitely be good money to support the power of ukraine money, because we all know that relations between russia and ukraine are hot, so they need huge financial support for the worst possibility if a war really happens.

[Anguwa]

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

This is excellent news, as Bitcoin and cryptocurrency in general are now accepted in almost every country on the planet. Although the legalization is being pursued as a result of Ukraine's conflict with Russia, it will make it easier for Ukrainians to trade and use cryptocurrency exchanges without restriction. It's excellent news, and we hope that many industrialized countries will follow suit shortly.

[SFR10]

https://watcher.guru/news/ukraine-legalises-bitcoin-and-other-cryptocurrencies?c=533

Despite this being a positive news in general, I didn't like the following parts ^{[assuming that it's still part of the bill that just passed]}:

• The important point to note is that the Draft Law defines a VA as merely an asset that cannot be used as a payment instrument or traded for other assets, products, or services.

  What are they supposed to do? Just hodl?
  
  

• All other sorts of cryptocurrencies and crypto-based assets, such as non-stable coins (Bitcoin, Ethereum, and so on), non-fungible tokens, and so on, are classified as unsecured VAs.

  I don't like the sound of that! It's quite misleading ^{[even with volatility issues being in the equation]}.

[LeGaulois]

It doesn't change anything for the citizens since it wasn't illegal in the first place.

It does a little, and not just for companies but for regular people. You see, many people hesitate to buy bitcoin since the laws aren't clear or don't exist (unregulated) specially if they have to buy it P2P. But when bitcoin is regulated, they feel safer specially if there is a legitimate exchange they can trust with their money while swapping it for bitcoin.

Not really

It doesn't matter if Bitcoin is legal or not. If people really need to use it (and I mean for something else than speculating) they will use it even if it's illegal. If people "hesitate", why should they? Because there is no law about doesn't mean it's illegal.
Imagine a country in which Bitcoin is considered illegal: does it stop people from using it? No. What the gov is going to do? Visiting each home to check if there isn't a wallet installed on all devices? No

Even during the time with no laws, they had access to trusted exchange platforms, so feeling safer than before isn't justified. Using a P2P method as you mention doesn't make it safer now either. Risks are the same.
It's like saying if a government make prostitution legal, I have less risk to get AID

As I said several times, we don't need the approval of any government to use Bitcoin, they're not welcome in our affairs and their "laws" are not needed, nor we asked for.
We basically choose to use cryptos to avoid them, so we don't need them somewhere

[gabbie2010]

good news coming from ukraine. although not as a means of payment, but the recognition of cryptocurrencies to be traded will make clear legal force for the citizens of that country, because of course there will be clear legal protection and the obligations of citizens that have been regulated in the legislation.

Indirectly the ukrainian government will task every crypto trading transactions, mining e.t.c after it legalization by their parliament, I believe the government will generate some revenue via that means though with close monitoring by the law enforcement agents to prevent money laundering and other related crimes, it is a good step in the right direction, this is what I expect some countries who are hostile to crypto trading to overturn and lift whichever ban imposed on cryptocurrencies invariably would earn and generate extra source of income for the country.