Bitcoin “invades” Ukraine and is thus legalized: possible European breakthrough?

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The world is opening up more and more to bitcoin, the virtual currency par excellence, and in the last few hours it has been Ukraine that has brought this cryptocurrency into its legislature. This is news to read carefully as it represents the first entry of a country of the Old Continent into the world of virtual currencies, and it cannot be excluded that this move may pave the way for the entry of other European nations into the world of bitcoins. .

Bitcoin in Ukraine (Photo Il Giornale)
Bitcoin in Ukraine: what happens? (Photo The Newspaper)

The fact is that the Ukrainian parliament definitively approved, with an almost unanimous vote, a new law that makes legalize digital currencies, however establishing some important rules to be respected. Unlike what happens to El Salvador, Ukraine cannot use bitcoin as an official form of payment, therefore to enter stores and buy goods, but this novelty could still be introduced shortly thereafter, precisely starting next year, 2022, when companies and individuals will be able to use bitcoins to buy and sell.

Bitcoin and Ukraine: the latest (Photo Everyeye)
Bitcoin and Ukraine: the latest and all the details (Photo Everyeye)

UKRAINE OPENS TO BITCOIN, HERE’S WHAT HAPPENED AND WHAT COULD HAPPEN

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The new law just passed also introduces a precise definition of virtual currencies, describing them as “intangible assets expressed in the form of electronic data”. As for all the activities that offer services related to cryptocurrencies, these will have to have a registered office with Ukrainian taxation and must also have an appropriate license which guarantees that they comply with the safety and transparent standards required by the country of the former Soviet Union. Jeremy Rubin, CEO of Judica, Bitcoin’s research and development laboratory, commented on the introduction of this law saying: “The improvement of the legal status of Bitcoin in Ukraine is a laudable and symbolic measure, which goes in the direction of a world that respects universal individual rights. But it is only a symbolic act; Bitcoin seeks neither forgiveness nor permission from others in its mission to protect the persecuted by unjust governments ”.

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So instead Mykhailo Fedorov, Ukrainian minister for digital transition, who commented with positive results: “The favorable regulatory conditions will attract more and more companies in the sector. True, they will have to pay our taxes, but they will know they are protected by the state ”. As mentioned above, in the past few days El Salvador it has gone even further, making it become Bitcoin is a legal currency in all respects like the dollar, and about it Simon Peters, ceToro’s ryptoasset analyst commented: “Individual investors should have reacted with great enthusiasm to the news from Central America, buying bitcoin as a sign of solidarity, and thus putting upward pressure on the price. However, the sales drivers seem to be the “whales” (investors with large crypto-wallets capable of moving the market, ed), who would have read the move in advance and seized the opportunity to take profit “. Today, however, the price is already showing signs of recovery and could rebound sooner than expected. The next few hours should confirm the extent of the damage and whether it was just a small blip ”.

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