Payments in cryptocurrency is a new and smart move by many different countries. It has come to our notice that Ukraine is now on board in allowing payments in crypto. Moreover, the deputy minister of Ukraine’s Ministry of Digital Transformation believes that the step will be similar to payments coming from US dollars.
Ukraine’s interesting step towards payments in cryptocurrency
In the new bill, crypto will not come under consideration for legal tender. However, Ukraine stands firm on allowing cryptocurrency payments like Bitcoin, Ethereum and many more. The country is mainly focusing on the mainstream or leading cryptocurrencies as of now for payments.
Oleksandr Bornyakov, Ukraine’s Deputy Minister of Digital Transformation, truly believes that it would be legal to pay with cryptos. But the payment will pass through intermediaries that give the possibility for conversions from crypto to fiat.
In the local publication of Ukraine, Minfin states the bill is on virtual assets as it clearly says cryptocurrencies are not under the legal tender. However, they are only allowing purchasing things with cryptocurrencies.
The legitimacy of cryptocurrency in Ukraine
In recent news, the government of Ukraine says that they are following a roadmap. And the roadmap will transform the country into a leader in cryptocurrency integration. People who show a positive attitude towards cryptocurrency in Ukraine say they want to see the people of Ukraine using digital currencies by the end of 2024. But there’s some barrier other than cryptocurrency in Ukraine, and, i.e., how to overcome real-world politics?
The ministry of economic development of Ukraine started its own concept of different state policies on Virtual Assets. And this policy mainly hovers around the legal policy framework for different cryptocurrencies in the country. It was in 2018-2019 when the country did not truly recognize the term cryptocurrency. Although showed positive interest towards virtual assets and virtual currencies. And now, we can see that the country is developing fast in terms of virtual assets and digital payments.
Bornyakov believes that upcoming bills may soon legitimize the concept of cryptocurrency trading and finance. He also thinks that there will be whole sets of intermediary services, which will therefore enable more storage and exchange. In late June, there was an update on the bill regarding virtual assets. Also, Ukraine local e-bank discloses plans on launching a debit card just for trading in bitcoin.
Ukraine’s president Volodymyr Zelensky signs another digital currency bill that relates to different laws on payment services. Now Ukraine’s central bank can issue digital currency.
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