While Western powers and supranational bodies, such as the IMF, are doing everything they can to hinder the adoption of Bitcoin (BTC) and cryptos, this is not stopping emerging countries from wanting to emancipate themselves from the domination of the US dollar. After El Salvador’s brilliant demonstration, it is now Ukraine that is taking a big step in the direction of cryptocurrencies.
A second nail in the coffin of fiat currencies
Fiat currencies have a lot to worry about. After El Salvador, which has officially made Bitcoin a legal tender on September 7, 2021, it is now Ukraine that is attacking the hegemony of the dollar and paper currencies.
Indeed, this Wednesday, September 8, the bill No. 3637 on digital assets was largely adopted by the Ukrainian parliament, with the approval of 267 lawmakers, as reported by a local newspaper.
If this is a turning point for the crypto sector in the country, it’s because until now, cryptocurrencies were not regulated by any law, leaving them in limbo, without legality or prohibition.
Now signed into law by Ukrainian President Volodymyr Zelensky, the law fully recognizes and legalizes crypto assets and will protect their owners from fraud, just like any other asset.
Ukrainians can now officially and legally buy/sell crypto-currencies, using both local and foreign exchange platforms (as long as they are registered in Ukraine). Next step: allowing them as a legal means of payment?
A president who wants to lure cryptos into his net
It has to be said that President Zelensky seems to be a crypto-enthusiast – or at least, he is very aware of the huge potential of the cryptocurrency sector.
As Bitcoin.com notably reports, during a working visit to the United States, the Ukrainian leader addressed Silicon Valley venture capital funds with these words:
“(…) Ukraine today aims to become the best magnet for blockchain and crypto specialists in Europe (…) And one of the vectors of development of the Ukrainian digital economy is the launch and development of an innovative and legal market for digital assets.”
Ukraine plans to fully open its cryptocurrency market to businesses and investors by 2022, according to a spokesperson for the Ministry of Digital Transformation.
The movement toward Bitcoin and cryptocurrencies that is taking place all over the world is impressive. It’s undeniably a big leap forward in their integration into the real, everyday economy. In fact, a bill could quickly add Panama as the second country to accept cryptos as legal tender.
