Ukraine makes Bitcoin legal as the adoption rates in the country have skyrocketed. Most Ukrainians are into Bitcoin or some other cryptocurrency which makes this step even better for them. Even though it was not ever illegal per se but still a legal approval from the government is always appreciated. The Ministry of digital transformation has already drafted legislation to make crypto legal in Ukraine.
Bitcoin becoming legal in Ukraine
The parliament in the country has already voted to make BTC and other cryptocurrencies legal. They have also officially allowed exchanges to operate in the country. This step will make them one of the first countries in Europe to accept cryptocurrencies with open arms. This is good to see as crypto presents a lot of opportunities in the form of blockchain. In 2020, Ukraine was already at the top in terms of crypto adoption, and even though in 2021 some countries have passed them, they are in no way lagging.
The law will give a lot of benefits to the masses. First of all, it will give users the option to open crypto accounts in banks. This will be especially beneficial for wealthy individuals and firms who hold a lot of coins. It will also protect individuals if there is a theft. This means police can also take legal action if something goes wrong. Even the tax laws on crypto gains will become clearer.
What is Ukraine aiming at?
Ukraine is lagging behind in their growth. The economy is not that great and the GDP is also less. This is why by making Bitcoin legal in the country, they are planning to attract crypto businesses which will help them grow. At the same time, a lot of foreign crypto exchanges are also expected to enter the Ukraine markets which will also be a positive thing.
The legal adoption will also help the masses protect their assets as there is a lot of illegal activities going on in Ukraine. This is why people have invested over $8 billion in the markets in the last year.
What are your thoughts on Bitcoin becomes legal in Ukraine? And do you think this will help them improve their economy and GDP by attracting businesses? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.