A legal market for virtual assets is unfolding in the former Soviet republic. engineering
This seems to be the motivation for Ukraine's government, which this week passed a new law to officially legalize Bitcoin, in addition to other cryptocurrencies, according to. Crucially, the new law makes virtual assets 100 percent legal. People in Ukraine can operate cryptocurrencies and exercise clearly defined rights, with concrete duties for everyone engaged in the crypto market.
The timing demands a closer look: in the last few weeks, the U.S. and some European countries have cautioned there may be imminent military action from Russia reportedly to move into eastern Ukraine. During this escalating crisis, Ukraine's currency has seen its value drop precipitously: The hryvnia has fallen in value to $0.035.
While the U.S. government has financed Ukraine to help keep its economy afloat, the former constituent republic of the Soviet Union has seen foreign investment pulled back. The uncertainty has caused many to turn to cryptocurrency donations and investments. . The new law might give bitcoin investors a way to shore up a sinking economy. It remains to be seen if the crypto legalization will ultimately help or hurt the people of Ukraine.The law in Ukraine was initially presented in September 2021.
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