Ukraine Legalizes Cryptocurrency Amidst Russian Tension!

In Ukraine, the government has taken a big decision regarding cryptocurrencies in the midst of war situations. On Thursday, the Ukrainian government gave legal recognition to cryptocurrencies. The Parliament of Ukraine has passed a law relating to cryptocurrencies and now cryptocurrencies have been declared legal in this country. However, tensions between Ukraine and Russia still remain high and the country remains in a war-like situation. Amidst all this, the government of the country has taken this important decision regarding cryptocurrency.

According to media reports, a bill was introduced in the Parliament to pass the cryptocurrency law, in support of which 272 MPs cast their vote. While 6 MPs were against it. After this law was passed in Parliament, Ukraine’s Deputy Prime Minister Mykhailo Fedorov also shared his views about this decision through a post on Twitter.

In his Twitter post, Mykhailo Fedorov said, “We are already among the top-5 countries in the world for cryptocurrency use. Today we take another step forward. Parliament has passed legislation on cryptocurrencies. Now Cryptocurrencies will be legal and the people of Ukraine will be protected from asset abuse and fraud.”

The passing of the Cryptocurrency Law in Ukraine also had an impact on cryptocurrency prices. The price of bitcoin, the world’s largest cryptocurrency, increased. Along with this, the prices of other major cryptocurrencies also saw an increase. Bitcoin rose 3 percent after news that the cryptocurrency was legal in Ukraine. At the time of writing the news, the price of bitcoin in India was Rs 32.5 lakh.

The governments of countries around the world are taking positive steps regarding cryptocurrencies and digital currency is now being used as a form of payment along with trading. However, cryptocurrencies are not yet legalized in India. There are also a number of challenges with cryptocurrencies as they can be transferred anonymously from one account to another and tracking it is not easy.

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Hemant Kumar

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