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President Zelensky Signs Bill Legalizing Bitcoin in Ukraine

Difficult times often call for extraordinary decisions.

It’s now a month since Ukraine found itself in the center of a war with Russia, which boasts some of the world’s most feared military capabilities. Ukraine has tried to contain the war, contrary to most people’s expectations. The latest development is that President Zelensky has signed the virtual assets bill which makes Bitcoin legal in the country. Recently, donations have been flowing towards Ukraine in the form of cryptocurrency, and they just had to make this bold step. 

Cryptocurrency is a major factor in the war

The war in Ukraine has been one of the major determinants in the cryptocurrency market. At the onset, Crypto suffered a major blow and Bitcoin sank below $38,000. In the recent past however, increased cryptocurrency donations to Ukraine have done some good. The cryptocurrency can now dance somewhere between $40 and $42. In as much as the start of 2022 hasn’t been good to cryptocurrency, especially BTC, the war has also played a significant role. Maybe without the war we would have been talking about different figures. Maybe Bitcoin would have hit $100,000, which is what all cryptocurrency traders and investors are praying for. 

Ukraine receiving more cryptocurrency donations

Recent reports reveal that Ukraine had received over $100 million in Cryptocurrency donations. There has been a worldwide campaign to support Ukraine through all means, and cryptocurrency seems to have been on the center stage. 

 

Some of the world’s major powers like the United States have declined to physically take part in the war. Their contribution is however significant, as the sanctions on Russia are now being felt, not only in Russia, but across the world. Russian leader Vladimir Putin has however insisted that he won’t relent until his mission is successful. 

The Virtual Assets Bill

The Virtual Assets Bill had been earlier approved by the Ukrainian parliament last month. It was only waiting for the president’s affirmation for it to be law. According to Ukraine’s ministry for digital transformation, the bill clears the way for “a legal market for virtual assets” in the country.

 

“From now on foreign and Ukrainian cryptocurrencies exchanges will operate legally and banks will open accounts for crypto companies,”

 

the ministry announced in a tweet.:

 

It is worth noting that the newly signed law doesn’t make cryptocurrency a legal tender in UA, but it provides a strong legal foundation for digital assets. The country through its ministry of Finance has embarked on tax regulations and other rules for cryptocurrency. Analysts believe this is going to be a major boost to the already crippled Ukrainian economy.

 

Read more about Cryptocurrencies and Ukraine here!

Image by Miloslav Hamřík from Pixabay

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