Ukraine legalize bitcoin

[laredo7mm]

Bitcoin is now legal in Ukraine as its parliament approved in final reading a bill that caters to the president’s recommendations. However, the country has not made bitcoin a legal tender.

“The new law is an additional opportunity for business development in our country. Foreign and Ukrainian crypto companies will be able to operate legally, and Ukrainians will have convenient and secure access to the global market for virtual assets,” Mykhaylo Fedorov, Ukrainian minister of digital transformation, said in a statement.

First Russia now Ukraine it looks like most of the country from the east is going to accept digital assets. The high inflation of USD is the reason these country looking for a better alternative of storing value or its because of the tax revenue they are looking for? Is there any possibility these countries will announce bitcoin as a legal tender in the future as EL Salvador does?

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[bittraffic]

I think it was Ukraine that was the first to acknowledge Bitcoin. There was a headline last year or I think it was 2019 where a politician admit he has Bitcoin and following that news was the government of Ukraine considering adopting BTC despite how corrupt and how the president act like a dictator. Among the countries that are resisting the fall of thier currency is Ukraine.

This time there is real news from NASDAQ published yesterday. https://www.nasdaq.com/articles/ukraine-legalizes-bitcoin

[Jawhead999]

Bitcoin in Ukraine is previously in grey area, means they're allowed to trade and hold Bitcoin... so legalizing Bitcoin isn't really have many impact. IMO they're do this to creating hype and want to get respect from Bitcoin holders. I don't think Ukraine will accept Bitcoin as legal tender, obviously they will wait Russia first. If Russia has accept Bitcoin as legal tender, surely Ukraine will accept too and vice versa.

[mk4]

Actually a good move by the Ukranian government. If there's any time when their people might need Bitcoin the most, today is probably one of them — if it's the case that Russian Overlord Putin actually ends up going ham on them. (I hope not)

[NellyBrownne]

I tried looking at the rate which Bitcoin adoption has gone, look back at the introduction of the internet, people seems to have accepted/ embrace Bitcoin at the earliest stages than the internet despite having a hard by major countries and at most government introducing regulation policies.
They're not the first and won't be the last, great move by the Ukrainians.

[Kakmakr]

Well, one of the positive things that might come out of that is :

1. If Russia invades the Ukraine, people will need a very fast way to move their wealth out of the country. So if they have converted their wealth into Bitcoin, it will be quick to transfer the wealth to another country where it will be safe.

2. A war will destroy the value of their Hryvnia (UAH) which is their local currency, so it might be good to push their local currency into a safe haven to retain it's value or even to increase it's value.

[stompix]

Well, one of the positive things that might come out of that is :

2. A war will destroy the value of their Hryvnia (UAH) which is their local currency, so it might be good to push their local currency into a safe haven to retain it's value or even to increase it's value.

This is probably one of the sickest and most disgusting things I've ever read on this forum

So the positive thing is the destruction of a currency, the erasure of all wealth poeple of one of the poorest countries in Europe has so that some hyenas can lick their snout knowing their precious coins have jumped up 10%.
Are there absolutely no limits to what is good for bitcoin, now we wish for war, deaths, economical destruction, and poverty just so moar poeple buy moar bitcoin?

[gantez]

The news  





Can this be an offshoot from the Russia and Ukraine political issue that both are now looking at cryptocurrency for financial transactions or they are just waking up to legalising bitcoin after El Salvador did it legislation. The adoption is gradually coming into Europe after covid-19 pendamic.

[Similificator]

Well as we can see, this is somehow turning into a trend now which is good since it promotes this industry and gives way to faster mass adoption of cryptos. These countries are taking a gamble because they want to be ahead and they realize how the odds are in favor of this industry.

- I see no strong reasons why these countries wouldn't follow in El Salvador's footsteps since bitcoin is evidently doing well and has built a great identity all throughout the years which has made its reputation better and better as time goes by. Even people that were strongly against the ideology of crypto currencies have easten their words and invested themselves.

Anyway, the future is full of uncertainties and in the end, we can only hope for better days as crypto enthusiasts.

[Sterbens]

In the midst of the dispute, I'm still not convinced that Ukraine is focused on dealing with Bitcoin. That is indeed good in terms of economic support would be a good consideration as an alternative. But we all know that Ukraine is an ally of the United States in both import and export trade. The method uses Dollar, and there is something unique when Ukraine has not yet established Bitcoin as a legal payment, but only legalized it as an alternative investment and traded on par with stocks.

[laredo7mm]

Bitcoin in Ukraine is previously in grey area, means they're allowed to trade and hold Bitcoin... so legalizing Bitcoin isn't really have many impact. IMO they're do this to creating hype and want to get respect from Bitcoin holders. I don't think Ukraine will accept Bitcoin as legal tender, obviously they will wait Russia first. If Russia has accept Bitcoin as legal tender, surely Ukraine will accept too and vice versa.

Not only trade and hold now companies can open businesses that would provide services related to bitcoin. I do not think they care much about what Russia's policy will be towards cryptocurrencies. Their primary focus is to attract new investors to their country who are enthusiastic about cryptocurrencies. One of the poorest countries in Europe surely wants to use the hype of bitcoin to attract new investors to their countries.

[fiulpro]

Ukraine is right now having a major crisis with Russia trying to mess most things up in lieu of diplomatic relations and their ongoing process of trying to go to war as well. They are already legalizing the mining considering the sanctions and at the same time they are trying to hold onto bitcoins Incase US and the NATO wages a war against them. Now we have to understand the fact that Ukraine was already very happy with the usage of Bitcoins and everything and they are not going to leave it alone as well, since it's a matter of great concern, legalizing bitcoins in paper might mean them having further opportunities to fund the war and at the same time to make things easier for people involved as well.

[coupable]

Bitcoin is now legal in Ukraine as its parliament approved in final reading a bill that caters to the president’s recommendations. However, the country has not made bitcoin a legal tender.

“The new law is an additional opportunity for business development in our country. Foreign and Ukrainian crypto companies will be able to operate legally, and Ukrainians will have convenient and secure access to the global market for virtual assets,” Mykhaylo Fedorov, Ukrainian minister of digital transformation, said in a statement.

First Russia now Ukraine it looks like most of the country from the east is going to accept digital assets. The high inflation of USD is the reason these country looking for a better alternative of storing value or its because of the tax revenue they are looking for? Is there any possibility these countries will announce bitcoin as a legal tender in the future as EL Salvador does?

Of course it's possible that bitcoin can be the official alternative.
About the reasons, if Ukraine want to overpass the USD inflation, Russia is not forced to use USD and have other alternatives which are also related with the inflationary USD. We still don't know how people will pay tax revenue for their gains in bitcoin.

[el kaka22]

Bitcoin in Ukraine is previously in grey area, means they're allowed to trade and hold Bitcoin... so legalizing Bitcoin isn't really have many impact. IMO they're do this to creating hype and want to get respect from Bitcoin holders. I don't think Ukraine will accept Bitcoin as legal tender, obviously they will wait Russia first. If Russia has accept Bitcoin as legal tender, surely Ukraine will accept too and vice versa.

Not only trade and hold now companies can open businesses that would provide services related to bitcoin. I do not think they care much about what Russia's policy will be towards cryptocurrencies. Their primary focus is to attract new investors to their country who are enthusiastic about cryptocurrencies. One of the poorest countries in Europe surely wants to use the hype of bitcoin to attract new investors to their countries.

I think Estonia did something similar back in the day and they got some attention as well. Now Ukraine will get it as well, plus it could be a poor nation but it is a very "known" one because of all the Russian thing and even without that as well. This is why I believe that it could become like a "cayman islands of crypto" type of situation. We have so many huge 1+ billion dollars worth companies in the crypto world and they are all registered somewhere and paying their taxes but the laws are not clear there in some of them.

It means all of those nations could move to Ukraine and make their deal there. Binance for example is still not properly registered, I mean they are, but not properly and everything is done in a law loophole situation. Which means that we need to actually end up with something that is a bit better for all of us to feel better about them, and Ukraine could be the perfect place for it.

[laredo7mm]

Bitcoin in Ukraine is previously in grey area, means they're allowed to trade and hold Bitcoin... so legalizing Bitcoin isn't really have many impact. IMO they're do this to creating hype and want to get respect from Bitcoin holders. I don't think Ukraine will accept Bitcoin as legal tender, obviously they will wait Russia first. If Russia has accept Bitcoin as legal tender, surely Ukraine will accept too and vice versa.

Not only trade and hold now companies can open businesses that would provide services related to bitcoin. I do not think they care much about what Russia's policy will be towards cryptocurrencies. Their primary focus is to attract new investors to their country who are enthusiastic about cryptocurrencies. One of the poorest countries in Europe surely wants to use the hype of bitcoin to attract new investors to their countries.

I think Estonia did something similar back in the day and they got some attention as well. Now Ukraine will get it as well, plus it could be a poor nation but it is a very "known" one because of all the Russian thing and even without that as well. This is why I believe that it could become like a "cayman islands of crypto" type of situation. We have so many huge 1+ billion dollars worth companies in the crypto world and they are all registered somewhere and paying their taxes but the laws are not clear there in some of them.

It means all of those nations could move to Ukraine and make their deal there. Binance for example is still not properly registered, I mean they are, but not properly and everything is done in a law loophole situation. Which means that we need to actually end up with something that is a bit better for all of us to feel better about them, and Ukraine could be the perfect place for it.

Estonia is a small country compared to Ukraine. The Crypto market is still unknown to many peoples and most of the govt doesn't know how to regulate them properly so that there won't be any inconvenience. It's much easier for a small country but for a big country like Ukraine, it's most challenging. They need to build up infrastructure and create new commissions to regulate and maintain bitcoin-related services. Ukraine already lost some part in Russia and there are still pro-Russian movements operating. I do not know companies will really be attracted to start their business in such a region where tension is high.

[savetheFORUM]

First Russia now Ukraine it looks like most of the country from the east is going to accept digital assets. The high inflation of USD is the reason these country looking for a better alternative of storing value or its because of the tax revenue they are looking for? Is there any possibility these countries will announce bitcoin as a legal tender in the future as EL Salvador does?

Russia has its own currency right, and Ukraine too maybe. USD is not their primary currency and I do not know if their was a problem with their own currency on why they legalize bitcoin or maybe they have other reasons.

Another question is did the us inflation do have an effect in certain countries? BTC can be a big help if there's a problem with a countries currency and it can also help the problems in inflation. The effect will be more effective if they legalize BTC as a legal tender on their country but I guess this can take some time since btc adoption on these countries have recently takes place. They are relaxing a bit before proceeding on their next move or plans.  

[crzy]

Legalizing Bitcoin is a great move by Ukraine since they might face bigger inflation especially if the war happens so this can be a win win situation for their citizen to at least have a good option either to use cryptocurrency or stick with their fiat money.

I just hope the tension there will slow down and things go back to normal, because legalizing Bitcoin really have a good impact in the whole market, let’s see more countries to do the same thing.

[Japinat]

Legalizing Bitcoin is a great move by Ukraine since they might face bigger inflation especially if the war happens so this can be a win win situation for their citizen to at least have a good option either to use cryptocurrency or stick with their fiat money.

I just hope the tension there will slow down and things go back to normal, because legalizing Bitcoin really have a good impact in the whole market, let’s see more countries to do the same thing.

I think its even the tension between Ukraine and Russia that have encourage Ukraine to legalize bitcoin and all its activities. And considering the high inflation effects on their economy is just another factor too. I just hope Ukraine will get the advantage that they want to create from bitcoin. Hopefully, bitcoin will be considered a legal tender too in Ukraine like what El Salvador did.

[Silberman]

Bitcoin is now legal in Ukraine as its parliament approved in final reading a bill that caters to the president’s recommendations. However, the country has not made bitcoin a legal tender.

“The new law is an additional opportunity for business development in our country. Foreign and Ukrainian crypto companies will be able to operate legally, and Ukrainians will have convenient and secure access to the global market for virtual assets,” Mykhaylo Fedorov, Ukrainian minister of digital transformation, said in a statement.

First Russia now Ukraine it looks like most of the country from the east is going to accept digital assets. The high inflation of USD is the reason these country looking for a better alternative of storing value or its because of the tax revenue they are looking for? Is there any possibility these countries will announce bitcoin as a legal tender in the future as EL Salvador does?

To me this seems like a desperate move, I think that taking into account the political instability of the region then foreign investment probably has dropped to basically zero at Ukraine so they are trying anything they can to increase that amount even if it is just a little bit, and as such they have decided to give facilities to companies that deal with cryptocurrencies to establish themselves there, however even if this is positive I do not think they will attract a lot investment by doing this.

[Botnake]

Legalizing Bitcoin is a great move by Ukraine since they might face bigger inflation especially if the war happens so this can be a win win situation for their citizen to at least have a good option either to use cryptocurrency or stick with their fiat money.

I just hope the tension there will slow down and things go back to normal, because legalizing Bitcoin really have a good impact in the whole market, let’s see more countries to do the same thing.

I guess no country will wish to create more tensions with other countries, as its better to have peace and create harmonious relationship between the two. And bitcoin right here is definitely a good option that will beat the inflation that they might suffer if they continue not to legalize bitcoin. While most of the countries now are now having good thoughts on bitcoin and are willing to legalize bitcoin, then no countries would want to be left behind and this why Ukraine has already decided take the lead.