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CBDC, Cryptocurrency, Featured, News

Ukraine Legalizes Cryptocurrency Accelerating Crypto Trade

A new light comes in the world of e-currency in the form of Ukraine’s interest to possibly use digital currency as a legitimate mode of salary for their staff.  Ukraine has come a long way from its decision to introduce a new payment service law and a few months back they issued a digital currency and got authorization to make it official. 

The Ukrainian government has passed the draft law on “On Virtual Assets,” legalizing cryptocurrency in the country for the first time. Maintaining the Financial Action Task Force on Money Laundering (FATF) standards, the ministry has implemented new virtual asset regulations to help the industry grow, complying with “international standards”.

Anastasia Bratko of the Ukrainian Ministry of Digital Transformation informed that the crypto law permits companies to launch virtual asset markets in Ukraine and allows them to “open accounts for crypto companies.

“Ukrainians will also be able to declare their income in virtual assets,” she announced, saying that the law “guarantees judicial protection of the rights to virtual asset owners.”

Latest Crypto Reforms

The ministry has iterated that “the country will receive additional tax revenues to the budget, which will be paid by crypto companies,” including:

“The adopted norms establish rules for service providers related to the circulation of virtual assets and contribute to the market’s de-shadowing.”

The cryptocurrency sphere has survived in the legal gray area in Ukraine until this new reform. Under the latest provisions, the foreign exchange to the Ukrainian crypto market is expected to flourish. This year the Ukrainian President Volodymyr Zelenskyy passed a law allowing the country’s central bank to issue a CBDC in July. As reported by crypto market research experts, the National Bank of Ukraine has been working on building a crypto market structure and issuing a digital currency over the past few years.

Related: El Salvador Welcomes New Era Of Digital Currency with 200 New Bitcoins

Hands-on Security Protocols 

The remuneration roll-outs made through CBDCs to government workers have proved to be a primary implementation strategy for national digital currency projects. Like China and a few other sovereigns, virtual currency circulation has been performing well under CBDC. The security measures taken by the Security Service of Ukraine (SBU) have been serving the Ukraine crypto market remarkably well by blocking, confiscating, and raiding all clandestine bitcoin exchanges. 

For the last few years, the National Bank of Ukraine has been working overboard to create and issue digital currency. The Ministry of Digital Transformation showed a significant amount of interest in the CBDC area, forming partnerships with the Stellar Development Foundation to come up with unified strategies regarding digital assets in general and also for CBDC itself. 

Final Thoughts

In the national digital currency projects, the idea of using CBDC to pay government workers is often a convenient starting point and can be seen as one of the pilot implementations. It is great news for the nation as well as for the e-payment world as it opens a barrage of possibilities that leads us to the future.

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