Ukraine is the latest country to legalize Bitcoin. The law passed on September 8th, 2021, when Ukraine’s Parliament voted 276 to 6, making Bitcoin legal. Bitcoin was previously neither legal nor illegal in Ukraine. However, the law clearly defines Bitcoin as a legal asset to protect the rights of consumers and citizens.
Before the law, police perceived Bitcoin, virtual assets, and cryptocurrency-related businesses as “scams” and had raided some businesses and people since there was no clarification in any law.
Although Bitcoin is now legal in Ukraine, it is not an official tender in the country. To make Bitcoin an official national tender will take an entirely different law to have it a standard currency similar to El Salvador. This cryptocurrency bill is a step in the right direction of getting Bitcoin out of a legal grey area it has existed in within the Ukrainian legal system. The bill has been in motion since 2020.
The Ukrainian bill legally defines virtual assets and wallets and gives individuals legal permission to trade cryptocurrency and use exchanges. New tax codes concerning cryptocurrencies and investing will come later this year, according to other news sources.
If you are interested in blockchain technology, read our article: How to Make Money with Blockchain.
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