Sep 12, 2020
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 nations have a negative stance towards cryptocurrency. Other countries that 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.