Ukraine Gives The Green Light For Cryptocurrency

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There are countries like China that oppose and ban the cryptocurrency exchange, as well as many countries like Ukraine that want to legalize it.

 

Millions of people around the world already keep some of their investments on the cryptocurrency exchange. Today, this stock market has opened its doors not only to individuals, but also to companies and governments. Especially a large part of American and Chinese companies transferred a significant part of their bank accounts to this stock market.

The biggest reason why companies and governments buy cryptocurrencies from these exchanges is, of course, to earn high profits. However, many prefer it because their money cannot be traced and cannot be confiscated by the states. That’s why countries like China are trying to prevent users from investing and mining cryptocurrencies. However, eastern bloc European countries such as Ukraine are more friendly towards the situation.

Ukraine legalizes cryptocurrency

The law, adopted by the Ukrainian Parliament on September 8, will become legal after the signature of the country’s president, Volodymyr Zelensky. This law aims to protect holders of virtual assets and exchange platforms from fraud. It will also ensure the legal use of cryptocurrencies within the country.

Rumors abound that Ukraine is preparing to transition to a fully digitized economy and is viewing Bitcoin as legal tender. The legislation will help determine how Ukraine will regulate the cryptocurrency market in the future and will officially allow Bitcoin businesses to operate within the country.

Are governments investing too?

Close to 5.5 million people in Ukraine have already invested heavily in these cryptocurrencies. Investors include the country’s leading wealthy and companies. The fact that the newly enacted law also sided with the public and companies pleased many citizens.

The country’s energy ministry recently said that they produce almost half of their electricity through 15 nuclear reactors. He also stated that they came up with innovative solutions to solve the problem of energy waste and increasing efficiency, arguing that cryptocurrency mining is a contemporary and efficient way to use excess energy. Therefore, Ukraine is expected to take an active role in both production and stock market.

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