Mark Weaden
Now the fifth country to legalize Bitcoin in just over a month, things are moving quickly for mainstream adoption of cryptocurrency
The Ukrainian government has decided the Bitcoin should be legal, following a unanimous vote. The new law will regulate cryptocurrency in the country and will take these digital assets out of the gray area and into the mainstream.
Citizens of Ukraine will now be able to buy and exchange virtual currencies through a range of exchange platforms, which will be regulated and monitored by law enforcement. The move has been motivated by a lack of control of crypto in the country and the government wants to get a hold of things.
Why now?
The new legislation will offer crypto users protections against fraud and scams, which isn’t something we’re seeing globally. While there are many other nations looking into moving in a similar direction, Ukraine is another of the pioneering countries to lead the way. Defining the language associated with crypto has been a very important part of the process, with lawmakers recognizing terms such as digital wallets, private keys, and digital assets.
El Salvador made Bitcoin legal tender this week, which has gained huge attention within the community and by governments around the world. But, the move differs from what’s happening in Ukraine, as the motivation is quite different. Ukraine isn’t making Bitcoin its the national currency, nor is it offering it as a form of payment. However, adopting new laws to control the illegal move of digital assets is a smart move and one which we’ll see other nations mimicking in the not-so-distant future.
There are rumblings from Kyiv that the president is interested in something similar to what we see in El Salvador. The country plans to open cryptocurrency to businesses and investors, offering a “legal innovative market for virtual assets” as a move to modernize the nation with digital currency.
While there are many in the community that don’t seek the acceptance of governments, nor do they see it as important for Bitcoin to thrive, it at least symbolizes the acceptance of virtual currencies by the mainstream. Countries like Germany, Cuba, Panama and the U.S. also seem to be tabling new laws to try and get a grip on cryptocurrency regulation. The acknowledgement of cryptocurrencies staying power is a sign of a bright future.
