Ukraine crypto adoption takes a step with new law

A new bill in Ukraine will accept payments in cryptocurrency (including Bitcoin even though the digital currency market is not recognised as legally allowed tender. The news comes according to the Deputy Minister Ukraine’s Digital Transformation  Ministry.

In an interview late in the week, the minister – Oleksandr Bornyakov – noted that there would be a shift towards crypto payments as an accepted means for payments. Bornyakov said that it will be “quite legal to pay with cryptocurrencies ” in the country with crypto payments gateways allowing crypto-to-fiat conversions.

Ukraine pending legislature bill on cryptocurrency

In an interview with a local publication, the department minister said that the bill pending acceptance regarding digital currencies and virtual assets states that cryptocurrencies are not considered legal tender in Ukraine, but cryptocurrency purchases will be accepted. The drafted bill of legislature states that local payment processors and platforms will be allowed to offer conversions. According to the bill:

“Today, the legislation in Ukraine also does not allow you to pay in dollars, but you can easily pay for purchases with a dollar card. Currencies are converted instantly during payment. Therefore, it will be quite legal to pay with cryptocurrencies in Ukraine, but through an intermediary.”

The administrator also offered that the bill, when finalised and legalised, will officially authorise cryptocurrency trading Moreover, the use of cryptocurrencies like Bitcoin will be explored and the market use might be expanded on. He noted:

We expect that there will be a whole market of intermediary services for payment of goods by cryptocurrencies, their storage and exchange This will expand the possibilities of their use.”

This news follows that the president of the Ukraine Volodymyr Zelensky signing in a cryptocurrency-related bill that will enable the country’s central bank to issue a central bank digital currency (CBDC). The law on payment services will add an extra layer of cryptocurrency and digital asset adoption in the country.

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