The Ukraine government plans to legalize cryptocurrenies

Ukraine's Ministry of Digital Transformation has announced to legalize bitcoin and other cryptocurrencies.Ukraine's Digital Transformation ministry plans to make the interaction of people with the government a very simple service

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Ukraine’s Ministry of Digital Transformation has announced to legalize bitcoin and other cryptocurrencies. Currently, there is no legal status of cryptocurrencies in the country. Incoming Digital Transformation Deputy Minister Alexander Bornyakov said that legalizing cryptocurrencies would help the government in revenues via taxing.

The move to legalize cryptocurrency is part of the country’s modernization efforts. The Ukraine government is planning to transfer public registries and documents to a state-run distributed ledger system. Bornyakov insisted that people who are currently trading in cryptocurrencies in a grey area should start paying taxes.

Ukraine’s Digital Transformation ministry plans to make the interaction of people with the government a very simple service. Bornyakov said that interacting with the government should be convenient and un-intrusive like booking a Uber or booking Airbnb.

Ukraine legalizing bitcoin is positive news for the crypto community. At the moment, most of the nations have a negative stance towards the cryptocurrency. Other countries who have acknowledged bitcoin as a commodity are Canada, Finland, and Australia and most of the countries do not have any laws defining the status of cryptocurrencies.

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Ryan Asher
Ryan Asher
A post-graduate in business administration from Rutgers University, Ryan love to express his thoughts in writing. Ryan entered the crypto space by selling his car back in 2013 and investing the money into bitcoin. Apart from writing, Ryan loves to travel and believes that bitcoin is helping him fulfill his dream of traveling across the world.

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