These are hectic days for cryptocurrencies, not only because of the flash-crash that hit Bitcoin – which brought some uncertainty to the main altcoins, without causing them to collapse -, but mainly due to the fact that more and more governments are starting to take favorable positions in the against cryptocurrencies and their legal recognition.
El Salvador is the first state in the world to have even given Bitcoin legal tender, but it seems that Panama is also looking in that direction and even a country closer to us like theUkraine would be ready to take a similar step. The Ukrainian Parliament has actually approved – with an almost unanimous vote – a new law that makes digital currencies legal and establishes some important rules.
Obviously, Ukraine has not taken extreme measures like those of El Salvador – therefore Bitcoin cannot be used as an official form of payment -, but it is a first step that will lead in this direction by 2022, when its use should be open to companies and individuals. The law just passed it also introduces a definition for virtual currencies, describing them as “intangible assets expressed in the form of electronic data“.
News also regarding all the activities that offer services related to crypto, which will have to have an office subject to Ukrainian taxation and will have to obtain a license that will guarantee their compliance with the required security and transparency standards. This also means greater safeguards for investors, who will now no longer operate in a gray area.
Positive – but not excessively – reactions from the crypto world, in particular the intervention of Jeremy Rubin (CEO of Judica, Bitcoin’s research and development laboratory), who states that “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 from unjust governments“.
In short, Ukraine’s move was appreciated but the community itself does not want to attribute a greater weight to it than it actually has and this is also demonstrated by the fact that the price of the currency has not skyrocketed upon approval. For the moment these steps forward are being interpreted very carefully.