Ukraine Legalizes Bitcoin With Passage Of Crypto Bill

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A trend has emerged in which countries have started integrating bitcoin into their economies. So far, the focus has been on Latin America, with El Salvador, Cuba and Panama on the move.

Europe is also at stake, with Ukraine adopting its own bitcoin bill. Ukraine’s parliament gave the green light to the virtual asset bill on September 8, granting legal status to bitcoin and other cryptocurrencies in the eastern European country and setting the wheels in motion Regulatory. The bill has yet to be promulgated by President Volodymyr Zelensky after receiving the support of 276 deputies.

Ukrainians are restricted to using the local currency, the hryvnia, to purchase goods and services. The new law, however, will put bitcoin and other digital assets at the forefront and give residents more confidence to invest.

Ukraine on crypto

Ukraine has so far been lukewarm on cryptocurrencies, neither banning nor formally accepting them. The country lacked a regulatory framework from which crypto and blockchain service providers could operate.

The Ukrainian people were free to own and trade bitcoin and other digital currencies, but they did not have the backing of the judiciary in cases of scams or fraud. The new law is expected to encourage more Ukrainians to enter the market.

If the legislation is enacted, it will set the tone for cryptocurrency regulation in Ukraine. Cryptocurrency exchanges and Ukrainians holding cryptocurrencies will be better protected against harmful activity. Cryptocurrency merchants will be able to operate legitimately in the country, which means they will have to pay their taxes in Ukraine as well. They will likely need to have the necessary permits, which should be issued by a regulatory branch that has yet to be named.

The plan is to integrate cryptocurrencies into the economy for traders and investors by 2022, according to local reports. For that to happen, however, MPs need to revise the tax and civil codes to pave the way for crypto. Passing the bill was the first step in the process.

The story continues

Bitcoin price

The price of bitcoin has yet to reflect the bullish sentiment, with the price remaining below the $ 50,000 that was breached last weekend.

The decline in the price of bitcoin is not of concern to sophisticated investors as technical indicators and fundamentals appear to be bullish in nature.

This article originally appeared on FX Empire

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