Ukraine’s New Bill to allow Crypto payments

Ukraine's New Bill to allow Crypto payments 2

The deputy minister of Ukraine’s Ministry stated that they will bring a Crypto payment bill that will allow Ukrainean Citizens to accept payment in crypto similar to the US dollar.

After El Salvador, many government authorities are looking towards crypto adoption directly & indirectly. Last month news came from Argentina where authorities were planning to allow salaries in Bitcoin for the Argentina’s workers. Now this is Ukraine which is ready to bring a new crypto payment adoption plan. 

Related: Argentina’s Worker Will Get Payment In Bitcoin

Oleksandr Bornyakov, Deputy minister of Digital Transformation Ukraine confirmed that it would be “quite legal to pay with cryptocurrencies” in Ukraine through payment intermediaries that enable fiat-crypto pair transactions.

On Friday 6 August,In interview with local financial publication Minfin on bill of virtual assets, officials stated that 

“Today, the legislation in Ukraine also does not allow you to pay in dollars, but you can easily pay for purchases with a dollar card. Currencies are converted instantly during payment…Therefore, it will be quite legal to pay with cryptocurrencies in Ukraine, but through an intermediary.”

So clearly this new rule of Ukraine will allow Ukrainean citizens to facilitate crypto payments easily. But here we should note here that the new crypto bill will not bring crypto as legal tender. This law will allow only payment legalisation with the use of third intermediary services. Probably the government of Ukraine will introduce a third party crypto payment firm that will help to facilitate the crypto-fiat-crypto transactions for payment purposes. 

Bornyakov further stated that 

“We expect that there will be a whole market of intermediary services for payment of goods by cryptocurrencies, their storage and exchange. This will expand the possibilities of their use”

So clearly this new crypto law bill will legalise crypto trading or related services with a better legal framework. 

Read also: Elon Musk Supports Crypto Community Amid Crucial Taxation In United States

Source: Ukraine’s New Bill to allow Crypto payments

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