Topic: Bitcoin-Hungry Ukraine Moves to Legalize Cryptocurrency (Read 58 times)

No, it's not a bad translation but a bad copy-paste. I'm not sure why OP tried to rewrite parts of the original article even though he copied most of the content anyway.

The exact quote from the article the OP was referencing reads:
"Cryptocurrencies, including Bitcoin, have heretofore been in a legal gray area in Ukraine, the seventh-most-populous country in Europe. Nonetheless, blockchain data firm Chainalysis ranked Ukrainians the top adopters of cryptocurrency in the world in September 2020."

"If the bill indeed is signed into law, banks will be free to take on crypto company accounts, while citizens who own it will have legal protections in case of theft."

Apparently, the OP performed some kind of word spinning over the article that completely altered its meaning.

If I'm not mistaken, it is possible that the author of the article is referring to the occupied territories in eastern Ukraine and the Crimean peninsula. These parts are still under Russian control, and therefore this (or any other law) does not apply to them.

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I think you are asking too much from the OP, his threads are mostly reduced to c/p without commenting or participating in the discussion.

I got lost right here:


What is the "legal region of Ukraine"?  Why is nevertheless used to start the sentence that follows?  That would mean that Ukrainian's passion for crypto is in opposition to their legality--and that just doesn't make sense.  And what bill are we talking about, and why would banks be able to seize the accounts of "cryptographic companies"?

This might be a bad translation, but it's frustrating to read.  Also, OP, check this thread out.  It deals with how this news is being portrayed wrongly with respect to the word legal.

Ukraine's parliament today voted to legalize cryptocurrencies in the country and to have cryptocurrency exchanges officially operating in the country.
Cryptocurrencies, including bitcoin, have so far been recognized in the legal region of Ukraine, Europe's seventh most populous country. Nevertheless, Blockchain data company Chainalysis ranked Ukrainians as the top recipients of cryptocurrencies in the world in September 2020.
If the bill is signed, banks will be able to seize the accounts of cryptographic companies, while its citizens will have legal protection in the event of theft.
The Ministry of Digital Transformation, established in 2019 to improve digital literacy and online access, drafted the law and will be responsible for enforcing the law, which is expected after the tax law is amended and signed by the president. This law will be implemented in the fall of this year.
According to the International Monetary Fund (IMF) in 2019, Ukraine's nominal GDP is not commensurate with its population and ranks 23rd out of 46 countries. The ministry wants to increase this number by attracting encrypted jobs.
"In particular, the adoption of specialized legislation is going to stimulate the attraction of foreign exchanges to the Ukrainian market," said Deputy Minister Oleksander Bornyakov in a press release shared with Decrypt. "It will become a powerful incentive for the further development of the crypto-sphere in Ukraine."
That's especially important in Eastern Europe, where crypto adoption is high if not, strictly speaking, always legal or regulated. In its report, Chainalysis noted high degrees of corruption and asset seizure in Ukraine, as well as falling trust in banks. Citizens have turned to cryptocurrency to protect their assets, sending $8.2 billion in crypto last year. Regulated exchanges and crypto businesses could drive that number upward.
The Ministry of Digital Transformation has been working in the field of cryptocurrency for months. In January 2016, an agreement was reached with the Stellar Development Foundation to develop a national digital currency of the Central Bank, the virtual version of the hryvnia, which the National Bank of Ukraine began research four years ago. As part of the agreement, which the ministry has identified as a way for the country to become more competitive in the Eastern European market, Stellar will help develop the regulation and infrastructure of cryptocurrencies.


Souce: https://decrypt.co/80514/bitcoin-hungry-ukraine-moves-legalize-cryptocurrency