While some countries are struggling with how to deal with Bitcoin, other countries are leading the way in adopting it as legal tender. Ukraine is the latest to step into the future, and that’s a step that will greatly benefit them as the reality of it sets in.
Until now, Bitcoin hasn’t been legal tender, nor has it been a prohibited form of currency. It has just simply been there existing in a gray area, being mined and traded from peer to peer while Ukraine scratched its head wondering what to do with it. Since Bitcoin was released in January 2009, that has been the struggle with most governments.
But with countries like El Salvador, Cuba, and Germany making strides to include it into their economies, it’s getting harder and harder to ignore. Of course, the purpose of Bitcoin initially was to keep it decentralized and that’s what the Bitcoin universe is fighting to keep intact.
Ukraine has set up some ground rules that protect individuals in cases of fraud. Until now, the court system wasn’t a remedy for anything that might have gone wrong. The Ukraine draft bill covers, “legal relations arising in connection with the turnover of virtual assets in Ukraine, defines the rights and obligations of participants in the virtual assets market, the principles of state policy in the field of virtual assets.”
Ukraine’s Parliament voted on September 8th and it was adopted almost unanimously. Now, the bill will be sent to President Volodymyr Zelensky for him to sign. There is absolutely no foreseeable problem there.
What started in 2020 is soon to be set in stone. By 2022, the plan is to open up the Bitcoin market for businesses and investors. But Ukraine’s Parliament has a bit of work to do before that happens. Tax codes and civil codes have to be amended first.
It’s an exciting new world to be living in. If you’re ready to get started…