Topic: Ukraine has legalized the cryptosector (Read 360 times)

This good news makes crypto prices gradually improve. especially in the aftermath of the Russian state which has also legalized crypto. what an amazing year despite the many conflicts of war and world chaos.
but this is good news for crypto.

IMO they have made a really good decision. I believe that this decision that they made would go as far as helping the country even after the war is over which we are all praying for. We all know for sure that cryptocurrency has really been a useful tool for Ukraine at this hard time. Through the cryptocurrency donations that they have received during the war they have been able to support their military in so many ways.

Imagine that they were not open to accepting cryptocurrency, most of what they have gotten through cryptocurrency wouldn’t have been made possible. It is good to see a country that is open to such an advancement in different areas.

Of course they do, but the point is that if they did it before the war started, they could have bought like hundreds of the same weapons, and get ready a lot better. I am not saying that they are too late, they were not, the donations certainly helped and building one drone warplane or whatever they are called does take a bit of time, so even if you paid Bayraktar company 100 billion dollars, which it wouldn't cost that much, you wouldn't be able to get them all in the same day, this is not Amazon order.

Donations in crypto allowed Ukraine to buy drones that blow up tanks, just imagine that for a second, we are REALLY living in the future right now and it is not looking good.

Cryptocurrencies has a global community that according to current data more than 500 million users, or about 8% of the population of the earth today, with the increasing user then makes many countries that are increasingly open and receive cryptocurrencies so that they can be a helper when economic problems are especially Ukraine currently in the war.

Open information is still playing against Ukraine. The other day in Kyiv, a shopping center near my house was destroyed by rockets, because some idiot posted a photo of vehicles passing by. But when it comes to cryptocurrency, I don't think it's so critical that information can be tracked. It will still be more quantitative than qualitative information and it is unlikely to reveal key positions. Cryptocurrency is not transferred directly to the final wallet, there are ways to hide some moments. Of course, they can also be revealed, but it takes time. And it is this time that we can win and use to our advantage.

The war between Russia and Ukraine, Ukraine already declared crypto currency As a valid in their parliament. Because a lots of millions dollars from differents countries transfer through crypto currency.

Am not surprised, I mean with the millions of dollars the country was able to raise from donators around the world in cryptocurrencies, it would be stupid for them not to legalize crypto.
It's as simple as that, like we always say, "people fear what they don't understand, hate what they can't conquer", Ukraine has is now among those who now understand cryptocurrencies and the power it carries, so I did be really surprised if this news has been the other way round.

 The sad thing about the online world right now is that if you share too much information these days, then you could risk people's lives. I have seen a Reddit post that showed where the Ukraine soldiers were, the only reason for it was to show how they are happy even in the face of war, it wasn't badly intended but then Russia used it to track them and dropped a bomb on them. So the internet is always there for tracking, the same goes for money as well. If you end up using crypto to buy stuff, it could be tracked where the money came from, and where it went, which would be something Russians will take note of, even after the war ends.

Oh yeah definitely, combined with Elon Musks satelite internet that becomes a viable and unbreakable option. However perfect, it could be used as a way for the Russians to localize UA/people providing money/services/other for the UA Military by their incoming and outgoing electromagnetic signals.

So it might be best to be rather careful with how you go about doing that, if you are the one accepting the donations in Ukraine. I think best way is to donate to charity of Russian-unfriendly countries who then find other ways to get weapons/help inside Ukraine.

But it gives donators an easy way to help the Ukrainian army forces. Now Ukrainian officials will get all the donations directly and in times of war, every sip of help is important. For being one of the poorest countries in Europe few billion dollars is not a very bad amount for a country like Ukraine. Also, several crypto companies are running a donation campaign for helping Ukraine so it seems to legalizing crypto in Ukraine became helpful after all.

I think that he took this step to stabilize the current situation, rather than with an accurate view of the future. Of course, in the future the consequences of this decision will be even more noticeable. It is simply not possible now to talk about certain stocks that will be used in the future to pay off debts. Almost all the funds have already gone to the armed forces, territorial defense and humanitarian aid. We need the cryptocurrency that is being donated right now, so it is being used in full. In the future, we hope that russia, as the aggressor country, will be obliged to pay reparations. Therefore, there will be those who will rebuild Ukraine and pay off debts.

Considering the current sympathy for the Ukrainian I think it’s best move. Unlike Russia which is completely doomed with sanctions and economic burdens Ukraine will have huge support with crypto currency’s. I am thinking Zelensky is taking this step to further escalate the economic situation in the country so that they can have enough money when War is over and they will have debts to pay. As of now most of the banks are looted, grounded and destroyed so money is not getting printed in the country neither accounts are tracked.
Best way to take everything in the virtual world that is Crypto Currency. So this really sounds best to me taking into consideration all the conditions of Ukraine and it’s economic warfare.

Yeah, I agree with you. I also think that after our victory, there will be more motivation to pay taxes and to do things officially in Ukraine because people will want to help the state allocate resources to rebuild the country as well as to help boost the economy. I was thinking of taxes and stuff before the war, but it's important for the procedures to become simplified and for taxes to be reasonable. Ukraine's certainly moving in that direction, and I hope that after the war it will all become clearer. And of course cryptos won't save our economy, but I'm sure that Ukraine will stay afloat and that our economy will actually become stronger than it used to be eventually.

Ukraine values these donations, because now every aid is vital. Perhaps we are not used to large sums, which other giant countries perceive as a drop in the ocean. But right now during the war, this is our advantage, because we are taking a more balanced approach to what we really need, thus adjusting our military strategy. When you have limited resources, you try to get maximum out of them. Whereas with absolute confidence in your inexhaustible source base, it is very easy to spend everything recklessly, because you believe that there will always be more. With this approach, it is very easy to go bankrupt, because you are not used to counting. And now the situation is such that it is necessary to do so.

A few billion dollars is not drop in a pan for many nations. It could be for the USA, or UK, or even Russia/China duo. But when we are talking about Ukraine, that amount is a lot of money. You know all those bayraktar drones that they are using right now and how they have been defeating many Russians using those drones?

It costs less than 10 million dollars to buy one. You could literally order 100 of those for a billion dollars. Do you realize how much power 100 drones gives you? They have done this with like a dozen, add in 100 on top of that and they would have already beaten Russia right now and kicked them out of the Kiev region and everywhere else with that much drones. So yes, 1 billion is a lot, at least for a war torn Ukraine.

This law would have been adopted regardless of whether the war would have started or not, since it was already adopted by the Parliament of Ukraine on February 17, even before the war began. In accordance with the Constitution of Ukraine, the President must sign the law within 15 days or return it for revision. When this term came to an end, the President signed the law.

I think you might be overestimating how much money they "could have made" with Bitcoin. In fact you are severly underestimating the amount of money countries deal with. A few billion is just a drop of water on the hot pan. In the end, it won't have as great of an effect as you think. Yes, they could have bought weapons with that money, but not enough to make a significant difference.

But you are right in saying they should have adopted Bitcoin a long time ago. It would have definitely benefited their economy.

I believe, this step is very important for my country. I have written about how this action can help during the war



But I am also thinking about the future. When we win the war, we will need to rebuild our country and to recreate economy. For the past few years there were quite a lot of people, who used crypto, who had additional incomes from it. In Ukraine the most people don`t have high salary, that is why almost everyone think about some other ways to get more noney. Unfortunately, it provokes shadow economy to become wider, people are working non-legally, they often don`t pay taxes. The same fate has befallen the cryptosector for a long time. Many people faced the problem when they were making money from crypto trading or investing, but did not know how to cash them out. Therefore, they spent efforts to find workarounds, although they could focus on their own investment if they knew they could do so legally. Signing this law creates opportunities to focus on people`s own earnings, without fear of banks having to figure out where it came from. It is better to pay taxes calmly than to be stressed that your accounts will be blocked, because money has appeared there, the origin of which you cannot legally explain. In addition, the state will only benefit from extra budget revenues.

Unfortunately governments will only understand the brilliance of bitcoin and crypto only after it is too late for them. If Ukraine did this way before the war started, they could have gathered so much more taxes. Imagine if they did this 5 years ago, and promoted themselves as crypto capital of Europe? They would have gathered billions of dollars from taxes and could be spent to get a lot more drones and weapons and armor.

In any case, they are at least doing fine right now and they have seen the beauty of it, Russia is slowly getting it as well and they are using it too, so both sides have realized why bitcoin could be great for them all.

Well, I understand what you are trying to say. When it is true that the government are only interested in Bitcoin because of what has started happening in their country. Assuming that there was no war in their country by now it is possible that they wouldn’t have opened their arms to embrace cryptocurrency in their country, and it would have been nothing but a dream.

Since, they have ended up seeing themselves in a really tight position, they have no other option than to do whatever is necessary or possible for them to keep things moving, which adopting cryptocurrency is one of the decisions that they believe they can make at this point. Anyways let's hope that after everything that they continue to allow cryptocurrency as a legal asset in their country.