Ukraine has legalized cryptocurrency as it receives millions of dollars in donations in the digital coins. Credit: Onov3065, CC BY-SA 4.0Ukraine legalized cryptocurrency on Thursday, as the country has been receiving millions of dollars in donations in cryptocurrency aimed at helping the country in the wake of the Russian invasion.
Ukrainian President Volodymyr Zelensky signed the bill called “On Virtual Assets,” legalizing cryptocurrency, on Thursday, one month after the Ukrainian parliament passed the law.
The bill effectively creates framework for the introduction of cryptocurrency such as Bitcoin and Ethereum into the country’s economy, something which was not accounted for before.
It will allow Ukrainian banks to work with cryptocurrency firms, with the bill further asserting that it will consider holdings of cryptocurrency of equal importance to holdings of the country’s original currency, called the Hryvnia.
Cryptocurrency firms must also register with the government to continue handling the digital currency.
