Yeah. its true. Yesterday, the Ukrainian Parliament passed a law that legalizes and regulates bitcoin in the country. The bill drafted in 2020 passed with a total of 276 lawmakers supporting the law, and only six against it. This bill gives the citizens “permission” to own and trade bitcoin and other cryptocurrencies on exchanges. Btw, Ukraine GDP $153.8 billion USD vs El slavador is only $27 billion
We are growing fast!
Topic: Good News: Ukraine has legalized Bitcoin - page 3. (Read 562 times)
....it means that Bitcoin is only legal; to be exchanged or even as an investment set.
This is good enough news, compare to other countries who openly put a ban to the their citizens not to trade btc I think this is very positive news, I'd many countries can put btc in "2nd virtual asset type" with the legal freedom to trade everyone will be pleased with such news, I see this news as the beginning of good things ahead for Ukraine.
By law amendments to the BILL drawn up and passed by the Ukrainian parliament. This was conveyed by Deputy Prime Minister of Ukraine and Minister of Digital Transformation of Ukraine, Mykhailo Fedorov
This is just a step to legalize Virtual assets. Now in the position of Bitcoin in Ukraine, it is included in the 2nd type of asset class after property. With the reason that property has material properties, while making Bitcoin and Ethereum in the second position because by their nature they do not have physical material.
We won't really think of this as an issue of concern. Because I also can not fully guarantee. What I convey from various sources or articles (I need a google translate translation to understand it). That way basically a 20% chance it could be in the future that Ukraine does not rule out the possibility of being El Salvador. But there is something we need to note here, that as long as Bitcoin is still in the category of the 2nd Virtual asset type, it means that Bitcoin is only legal; to be exchanged or even as an investment asset.
This is just a step to legalize Virtual assets. Now in the position of Bitcoin in Ukraine, it is included in the 2nd type of asset class after property. With the reason that property has material properties, while making Bitcoin and Ethereum in the second position because by their nature they do not have physical material.
We won't really think of this as an issue of concern. Because I also can not fully guarantee. What I convey from various sources or articles (I need a google translate translation to understand it). That way basically a 20% chance it could be in the future that Ukraine does not rule out the possibility of being El Salvador. But there is something we need to note here, that as long as Bitcoin is still in the category of the 2nd Virtual asset type, it means that Bitcoin is only legal; to be exchanged or even as an investment asset.
As many said now, people can earn bitcoin or receive legally just because of the taxes law. What I can say is that in Cernautzi I tried with a portuguesse guy to do some mining in 2016 and it was illegal, we had problems until we understood the law and we give up. I've been told that not many changed.
This kind of news is good, but I think you are wrong to equate El Salvador with Ukraine. In El Salvador Bitcoin is an official currency. On the other hand in Ukraine what happened until now is that there was no regulation on cryptocurrencies and the law that has been passed regulates them as a financial asset but not as a currency with which you can pay taxes:
"Although virtual assets are now legitimate in Ukraine, Ukrainians cannot use them as a means of payment or exchange for goods or services — only the official national currency, the hryvnia, has this power. However, Ukrainians can own, exchange and trade cryptocurrencies using local or foreign exchange platforms registered in Ukraine."
"Although virtual assets are now legitimate in Ukraine, Ukrainians cannot use them as a means of payment or exchange for goods or services — only the official national currency, the hryvnia, has this power. However, Ukrainians can own, exchange and trade cryptocurrencies using local or foreign exchange platforms registered in Ukraine."
It will also determine how Ukraine will regulate the cryptocurrency market in the future.
You are correct that it wont be like allowing full use of decentralized crypto. Both El Salvador and Ukraine are not very big economic powers, so this wont have much impact on bitcoin price. Still its something in favour of BTC that at least its getting attention from governments (though small).
This kind of news is good, but I think you are wrong to equate El Salvador with Ukraine. In El Salvador Bitcoin is an official currency. On the other hand in Ukraine what happened until now is that there was no regulation on cryptocurrencies and the law that has been passed regulates them as a financial asset but not as a currency with which you can pay taxes:
So, the right title should be
Quote
Ukraine has made Bitcoin taxable?
That bill is damn long and translate isn't really helping but one point among many others intrigued me:
https://pastebin.pl/view/d934f284 (raw google translation here)
Quote
1. The National Bank of Ukraine in the field of turnover of virtual assets:
1) carries out state regulation of the turnover of ZVA (VC);
2) determines the list of currency values (except for the national currency (hryvnia) for which the exchange of virtual assets may be carried out , and the procedure for such exchange;
3) determines the list of currency values that can be provided by ZVA (VC);
4) approves for service providers related to the turnover of virtual assets, the rules of exchange of CBA (VC) and the rules of exchange of currency values (except for the national currency (hryvnia) for virtual assets);
1) carries out state regulation of the turnover of ZVA (VC);
2) determines the list of currency values (except for the national currency (hryvnia) for which the exchange of virtual assets may be carried out , and the procedure for such exchange;
3) determines the list of currency values that can be provided by ZVA (VC);
4) approves for service providers related to the turnover of virtual assets, the rules of exchange of CBA (VC) and the rules of exchange of currency values (except for the national currency (hryvnia) for virtual assets);
So, the CB will have a final say on every pair an exchange that operates in Ukraine can have listed?
Eh, at least they didn't empower the CB to set exchange rates also.
Anyhow, no point comparing this to Salvador, the current status even with this bill is actually far worse on paper than in many other state.
In Ukraine, they are also going to adopt bill No. 2461, which is designed to establish clear rules of taxation and provides for a profit tax of 18 percent for enterprises and organizations and 5 percent for individuals, an object subject to taxation is calculated as the difference between the amount of sold cryptocurrency and the cost of mining or buying it.
In general, for citizens, 5 percent of the tax is quite acceptable. It would be better to pay 5 percent and sleep well.
one good news if ukraine has legalized bitcoin, but from what i read here ukraine only legalized bitcoin as a crypto currency and only for investing
different from elsavador which makes bitcoin a legal payment,
but hopefully other countries follow ukraine which has legalized bitcoin and other crypto even though it's only a law
different from elsavador which makes bitcoin a legal payment,
but hopefully other countries follow ukraine which has legalized bitcoin and other crypto even though it's only a law
Sorry to break the news to you friend, but Ukraine had never made Bitcoin illegal. Even before this law had passed, no one was going to get caught or prosecuted and sent to jail or fined for using/trading Bitcoin.
The only thing this law does is regulate crypto, which can be good for business, but the restrictions also limit the use of it for other than purposes defined.
The main purpose behind this bill is to provide asset clarification and protection for Bitcoin holders, as Bitcoin was previously considered illegal in this country. Now, when this bill is passed Governments and courts can reasonably protect individuals and businesses. The only thing this law does is regulate crypto, which can be good for business, but the restrictions also limit the use of it for other than purposes defined.
Ukraine has legalized #Bitcoin. Really A another Good news for all the crypto communities.
What do you think some more countries will initiate for the same?
At least this is good news for ukraine friends, good development for bitcoin in your country. it's enough not to be banned, maybe it's better than a country that is absolutely not allowed to transact anything with bitcoin and can't exchange coins at local merchants in their own country. It deserves appreciation for this. Hopefully bitcoin will be more advanced later. What do you think some more countries will initiate for the same?
This kind of news is good, but I think you are wrong to equate El Salvador with Ukraine. In El Salvador Bitcoin is an official currency. On the other hand in Ukraine what happened until now is that there was no regulation on cryptocurrencies and the law that has been passed regulates them as a financial asset but not as a currency with which you can pay taxes:
So, the right title should be
Quote
Ukraine has made Bitcoin taxable?
That bill is damn long and translate isn't really helping but one point among many others intrigued me:
https://pastebin.pl/view/d934f284 (raw google translation here)
Quote
1. The National Bank of Ukraine in the field of turnover of virtual assets:
1) carries out state regulation of the turnover of ZVA (VC);
2) determines the list of currency values (except for the national currency (hryvnia) for which the exchange of virtual assets may be carried out , and the procedure for such exchange;
3) determines the list of currency values that can be provided by ZVA (VC);
4) approves for service providers related to the turnover of virtual assets, the rules of exchange of CBA (VC) and the rules of exchange of currency values (except for the national currency (hryvnia) for virtual assets);
1) carries out state regulation of the turnover of ZVA (VC);
2) determines the list of currency values (except for the national currency (hryvnia) for which the exchange of virtual assets may be carried out , and the procedure for such exchange;
3) determines the list of currency values that can be provided by ZVA (VC);
4) approves for service providers related to the turnover of virtual assets, the rules of exchange of CBA (VC) and the rules of exchange of currency values (except for the national currency (hryvnia) for virtual assets);
So, the CB will have a final say on every pair an exchange that operates in Ukraine can have listed?
Eh, at least they didn't empower the CB to set exchange rates also.
Anyhow, no point comparing this to Salvador, the current status even with this bill is actually far worse on paper than in many other state.
if indeed ukraine has legalized bitcoin, you can say this will be good news, at least their citizens can freely adopt bitcoin, and can invest in bitcoin, without any more arrests of citizens who play in the crypto world, hopefully this news is true and can be published believe..
I did not know why OP got it wrong from El Salvador to Ukraine. They are different countries and the legal tender in El Salvador was announced months ago, not 3 days ago when it officially went into effect in that nation.
Follow the Nayib Bukele Twitter for real time update on what's going on with Bitcoin legal tender and community support in that country.
El Salvador is the first ever nation makes Bitcoin legal tender. They are the first ever nation that bought Bitcoin dip.
Follow the Nayib Bukele Twitter for real time update on what's going on with Bitcoin legal tender and community support in that country.
El Salvador is the first ever nation makes Bitcoin legal tender. They are the first ever nation that bought Bitcoin dip.
This kind of news is good, but I think you are wrong to equate El Salvador with Ukraine. In El Salvador Bitcoin is an official currency. On the other hand in Ukraine what happened until now is that there was no regulation on cryptocurrencies and the law that has been passed regulates them as a financial asset but not as a currency with which you can pay taxes:
"Although virtual assets are now legitimate in Ukraine, Ukrainians cannot use them as a means of payment or exchange for goods or services — only the official national currency, the hryvnia, has this power. However, Ukrainians can own, exchange and trade cryptocurrencies using local or foreign exchange platforms registered in Ukraine."
"Although virtual assets are now legitimate in Ukraine, Ukrainians cannot use them as a means of payment or exchange for goods or services — only the official national currency, the hryvnia, has this power. However, Ukrainians can own, exchange and trade cryptocurrencies using local or foreign exchange platforms registered in Ukraine."
A step in the right direction. The world is gradually coming to the realization that bitcoin is here to stay. "In a nearly unanimous vote, the Ukrainian Parliament adopted a law that legalizes and regulates cryptocurrency. The bill was set in motion in 2020 – and it now heads to the desk of President Volodymyr Zelensky." From the afore mentioned statement, doesn't this defeat the purpose of decentralization?
https://www.cnbc.com/2021/09/08/ukraine-legalizes-bitcoin-and-cryptocurrencies.html
I read the news about Ukraine yesterday, and I think it's a good step forward, but this law is only one step towards the creation of the national regulatory framework that will cover cryptocurrencies. There's a roadmap for the next few years of developments, and this is only the beginning. Allegedly, Bitcoin will become a form of payment, but this is planned to happen in a few years. For now, cryptos are virtual assets, Also, even though the law was passed, the President still has to sign it, and its points will be enacted only when the related taxation legislation will be enacted. And the law itself wasn't officially published yet in its final version, so it's hard to get info about the details.
Ukraine legalized bitcoin because the government has an open view of the innovations offered by bitcoin technology and they certainly realize that by adopting bitcoin it can make it easier for people to make transactions or for other purposes, hopefully the ukraine state will soon make bitcoin fully legal tender like El Salvador.
It was considered in the gray area for a long time and it seems this legalization is better, right?
Found this article: https://www.cnbc.com/2021/09/08/ukraine-legalizes-bitcoin-and-cryptocurrencies.html
"The new legislation also spells out certain protections against fraud for those who own bitcoin and other cryptocurrencies" is the part of the law I haven't yet understood. As far as I know, in order to actually "own" bitcoin, a person should have direct access to the keys unlocking corresponding UTXOs. If a person somehow loses that access due to phishing or physical attack, or, for example, accidentally transfers coins to an address he has no control over, how is the government going to protect the said person? Addresses are pseudonymous, transactions in bitcoin are irreversible: if a person failed at self-custody of his coins, those are gone for good, and no one can return it back. Finally, I don't think that governments are capable of protecting against cryptocurrency frauds because, in most cases, victims being greedy or seeking get-rich-quick schemes will hand over their coins absolutely voluntarily. Found this article: https://www.cnbc.com/2021/09/08/ukraine-legalizes-bitcoin-and-cryptocurrencies.html
The world is advancing into what I call a cashless society. And all Governments have to understand that Bitcoin is here to stay and also Cryptocurrency is growing rapidly. Good news that Ukraine have Legalized Bitcoin, Although, it wasn't illegal in the country before. But with the bill been passed, Citizens now have the permission to buy and exchange Bitcoin and other Cryptocurrencies in the country. In the nearest future, more Government will also acknowledge and accept Bitcoin.
Another country allowing Bitcoin! That's a great milestone for everyone. Imagine applying it since 2020 and now it was approved and I think this is just the first step towards global adaptation and acceptance of Bitcoin as a currency. I think having Bitcoin is the best way to take advantage of your future.
It was considered in the gray area for a long time and it seems this legalization is better, right?
Found this article: https://www.cnbc.com/2021/09/08/ukraine-legalizes-bitcoin-and-cryptocurrencies.html
It was considered in the gray area for a long time and it seems this legalization is better, right?
Found this article: https://www.cnbc.com/2021/09/08/ukraine-legalizes-bitcoin-and-cryptocurrencies.html
The President of El Salvador, NayibBukele, tweeted that he bought 150 bitcoins at the bottom when bitcoin fell last night.As of now, the country holds a total of 550 bitcoins.
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Ukraine does not acceped/adopted Bitcoin like how El Salvador is so please stop spreading wrong information
Ukraine has legalized #Bitcoin.
Sorry to break the news to you friend, but Ukraine had never made Bitcoin illegal. Even before this law had passed, no one was going to get caught or prosecuted and sent to jail or fined for using/trading Bitcoin.
The only thing this law does is regulate crypto, which can be good for business, but the restrictions also limit the use of it for other than purposes defined.
at least there is a clear development in the ukraine state after the regulation is passed. thus the use of bitcoin is not an illegal activity, so that the people there can carry out activities according to predetermined limits. on the other hand, this hopefully will be an example for other countries to make clearer regulations so that bitcoin will be increasingly adopted mass The only thing this law does is regulate crypto, which can be good for business, but the restrictions also limit the use of it for other than purposes defined.
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