Legalize It: Ukraine Is Fueling Its Modernization With Cryptos

Legalize It: Ukraine Is Fueling Its Modernization With Cryptos

Bitcoin and the rest of the crypto industry are in for a nice boost as Ukraine becomes the latest country to embrace the new technology.

Apparently, the country’s new young president is deeply pro-crypto and has appointed a like-minded individual to head the Ministry of Digital Transformation tasked with overseeing the country’s transition to a crypto and blockchain-friendly society. 

No More Gray Areas

For years, many countries have adopted a policy of neither banning nor fully legalizing the use of cryptocurrencies within their borders. Ukraine has long been in this bracket, but the current administration has announced its determination to fully legalize the use of cryptos in the country and get them out of the current “grey area.” The new president hopes to fast-track a crypto policy previously scheduled to go into effect in 2021. 

Of course, among the motivations of the planned legalization is to get people to pay taxes from their crypto trading activities as well as mining operations.

Besides that, Ukraine’s new administration hopes that the acceptance of cryptos and blockchain technology will contribute in the government’s efforts to push for modernization. 


Public Blockchain In The Works 

To demonstrate its seriousness, the Ukrainian government also plans to fully adopt the blockchain technology in the public service.

The country plans to create a public blockchain-based distributed ledger and publicly accessible registry to enable its citizens to interact with the authorities more efficiently, a move that’s expected to make government operations simpler. 

What’s In It For The Industry?

As is always the case, crypto acceptance, especially in the case of Bitcoin, is a positive move that goes to proof that, indeed, cryptocurrencies can go fully mainstream across the world.

This will in effect impact the crypto prices as more people adopt them. In this case, Bitcoin would be a big gainer by virtue of being the most valuable and widely accepted cryptocurrency.