Ukraine Makes Cryptocurrencies Legal

Ukraine is under a high amount of pressure right now, Russia is doing moves on its border and the political climate is very tense. Everyone is worried that Russia might invade and this situation must be putting a lot of stress on ukrainians.

In the middle of this stress, Ukraine passed a bill to legalize cryptocurrencies. Now cryptocurrencies don't live in the "gray zone" of the law anymore, now they are recognized by the government as an asset. Although it didn't become a legal tender yet, cryptocurrencies now can be traded under the scrutiny of the law. Incentives for businesses to operate in the blockchain world are being made and Ukraine sees cryptocurrencies as the future.

Ukraine also announced that it would provide resources to help people who fall for crypto crimes like scams, this meaning that Ukraine will try to bring scammers to justice. Another type of crimes like money laundering and purchasing illegal things with crypto can get you in a lot of trouble also.

It's interesting to see that crypto adoption is comming through countries that are in an extremely bad situation. Ukraine already is one of the countries that has the most numbers of transactions in crypto in the world.

All of these can put Ukraine as a leader on the blockchain industry, only if it doesn't fall for a war. If the war doesn't happen, Ukraine might be the example that Europe needs to start to adopt cryptocurrencies.

Regulations tastes like a double sentiment, although it might provide protection for the user, it also keeps an eye on every transaction that is made on an exchange. Dealing with an open ledger cryptocurrency might also allow to track every transaction someone does. Taxes might also come as adoption comes and some taxes aren't very friendly, India for example decided that a 30% tax on crypto was a good idea. In the long term and as adoption becomes greater all this might settle down and become a bit more fair.

Lets hope that the situation on Ukraine doesn't escalate more and people can live their life in peace.

Best Regards,

Cryptopeach