Ukraine plans to legalize Bitcoin and other cryptos


The Ukranian government has plans to legalize cryptocurrency, according to a report in the independent Ukrainian news publication Ligamedia.

September 30, 2019, | AtoZ Markets The Ukrainian Ministry of Digital Transformation plans to legalize Bitcoin and other cryptocurrencies to get them out of their current legal “gray zone.” Currently, cryptocurrencies are not prohibited in the country but do not have official status.

The move is part of the country’s modernization efforts led by its new young president. One of the deputy ministers to be appointed to the Ukrainian Ministry of Digital Transformation recently confirmed that one of the agency’s main objectives is to legalize encrypted currencies. It also plans to transfer the state registers into a blockchain network.

Ukraine legalize Bitcoin

Deputy for Ukraine’s Ministry of Digital Transformation says that legalizing bitcoin is a top priority. In addition to legalizing bitcoin, the state registries are planning to be moved to a blockchain-based network.

Bornyakov says the decision is a part of a broader effort by the country’s Deputy Prime Minister for Digital Information, 28-year old Mikhail Fedorov. Fedorov told the Ukranian Truth on Sept. 27 that he intends to turn the state into a “simple service” in the vein of popular applications such as Airbnb.

Ukraine plans to adopt blockchain DLT

Speaking with Liga.net, Alexander Bornyakov said that his agency is planning to legalize crypto assets, as opposed to the legal “grey area” which they currently operate within for Ukrainians. Agency is attempting to modernize the country’s infrastructure, including putting state registries on the blockchain.

To prove its seriousness, the Ukrainian government also plans to adopt blockchain technology in public service. The country plans to make a public blockchain-based distributed ledger and a publicly accessible registry. It enables its citizens to interact with authorities more efficiently. It is a move that is likely to simplify government operations.

Governments with the favor of technology and transparency always take a positive move towards acceptance of Blockchain technology. Mainly governments having a framework and infrastructure for technical implementation can bring real revolution in businesses. Ukraine is one of the well-known countries in tech issues.

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