Cryptocurrency News

Ukraine’s New Bill will Make Crypto Payments Legal in the Country

Many countries are trying their best to ban cryptocurrencies within their region, as China has done in the past by banning all crypto-mining activity and the restriction of crypto exchanges in regards to trading and withholding of the cryptocurrencies to their customers. There are other countries such as Russia and a few European regions that don’t want anything with crypto payments or Bitcoin.

But Ukraine has come around as a nation which although doesn’t want to incorporate cryptocurrency within their legal and financial infrastructure yet is willing to making crypto payments available to their residents. There is a new bill in the works by the ministry of digital transformation which will make it legal to spend with cryptocurrencies throughout the region. Many of you will be thinking that it will make cryptocurrencies a legal tender in Ukraine, but this is not the case, according to a minister from the ministry of digital transformation.

Ukraine is Willing to Adopt Crypto Payments Including Bitcoin

He says that if the bill is ever approved and turned into law, then it will only allow the purchase of things or the use of cryptocurrencies in shopping and nothing else. The standard conversion of cryptocurrencies into fiat money will also be made possible, but that is the end of this bill; the state is not looking to incorporate cryptocurrencies into their financial infrastructure just yet, but still, it is a pretty incredible leap into the future of digital payments.

If the bill ever gets passed, then it would allow the local payment processors to facilitate the conversion of cryptocurrencies into fiat money for the sake of shopping and paying for things by the users. The bill has already been submitted to the parliament and is up for second reading at the moment. The state is well aware of crypto-oriented scams and frauds, and keeping that motion in mind, Ukraine will provide certain cryptocurrencies with work permits to ensure that they continue working in good faith, but at the moment, it is not clear how these work permits will make their way to these listed cryptocurrencies.

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