Topic: Ukraine Just Legalized Bitcoin - page 2. (Read 665 times)

Bitcoin is moving in a faster dimension,  the last time I checked the news was Russia accepting bitcoin as currency and now same good news from Ukraine,  some government have started understanding how bitcoin is important and they do not have any choice than to accept it. Many more countries will take this same bold step to accept bitcoin .

It smells something fishy of having both countries started adopting cryptocurrency, actually, this somehow for me I think is kind of positive feedback to bitcoin or in cryptocurrency platform in general but yeah somethings fishy about it. I just fo hope that the tension between two countries will not going to affect the crypto platfom because if they are only started adopting cryptocurrency especially bitcoin for some of their personal agenda or propaganda I'm afraid that it could might affect the platform.

Seems to be rival competition. Since most of the countries are now starting to adopt the crypto currencies some way or other, its nothing new for Ukraine. Idk, with the time we are going to follow numerous such news that X country passed legal tender about bitcoin and so on. With the time and most preferably due to the pandemic, situation of financial burden is now lurking head in different countries.

The indirect effect is from crypto currency market. I mean, since many peeps are investing into crypto no matter what, government is loosing the taxes from it. Thus, they left with no choice but to enter the market with legalisation and try to get some profits out of it.

Does it bothers you? who knows what behind the action but what is the good deed here is that they are considering to legalized Bitcoin .

But the timing looks questionable , why the action seems like too fast? have not heard any issue like this before.

Same thought here mate , because the timing seems to be rightful  inside the issue towards Russia .

That's right, it's just legalization, that's like recognizing crypto as a currency with value and it's taxable for every transaction that is under the regulation. It's not new but a good step towards massive adoption and countries like Ukraine for sure will benefit from their decision.

I think you misunderstood what I said.
I agree with everything you said here, lack of regulations or even being illegal is never going to stop bitcoin adoption and people will continue using bitcoin as they already are in the handful of countries that have banned bitcoin.

But what I said is that regulating or legalizing bitcoin will help adoption grow faster than it was before. Those people who were staying away from bitcoin for any reason from the FUD they have been hearing to the fear of prosecution would feel safe to get on board now.
For example if before there were 100k people using bitcoin, now it can be 200k.

Making it legal doesn't mean that government is moving towards decentralized crypto wallets for sending and receiving the money.

From the article shared by OP, "The National Commission for Securities and the Stock Market, as well as the National Bank, are in charge of regulating the virtual asset market". They are regulating the crypto sector so that government has insight of whats going on insight.   

Well, whether they decide that they would be calling it an asset or not, bitcoin wallets has the feature to send and receive, so there is no way that people are just going to be holding their coins and not sending to one another and maybe using it as a means to pay for a services or some of the things that they need. The only thing is that it is not recognized as an official currency for making payment in the country just as the fiat is the conventional currency being used. Even if it was not legal there, some people would still use it through decentralized/non-custodial wallets and exchanges.

I think since it is only recognized as an asset and not a currency, there wouldn’t be stores showing it off as a payment method in the country, so whatever people will be using it for would be just online for personal purposes.

Not bad, at least they accepted and people are free to buy and sell cryptocurrency of their choice in the country, it doesn’t matter whether they called it a legal tender or not, or whether it is in the same level with the Ukrainian fiat money or not, what matters is that it is legal and people free to hold it and not be punished by whatsoever law, like in some countries we know that have banned crypto.

As long as cryptocurrency is legal in a country, anyone is free to buy it and sell it, or use it for a transaction to whomever they want to. So it’s not bad, it’s a really good thing that they have done so, and I am happy about it. Let look forward to more of the adoption.

I never heard that Bitcoin was illegal in Ukraine. Based on your post, it looks like bitcoin neither illegal nor legal in their country. Was in gray area like you said, which means trading bitcoin and other crypto currencies wouldn't put users into any legal trouble, nor would the government or their financial authorities would do anything for their people if they gets scammed using crypto currencies. I think it was better when it was in the gray area. You probably wouldn't have had to pay any taxes nor face any regulation. Would have been a whole different story if bitcoin was legalized and turned into a legal tender. But I guess legalizing is just one step closer to making it a legal tender.

While Ukraine and Russia is still in bad agreement now yet they seemingly have same thoughts about bitcoin?

as Russian government made it first move before this one of Ukraine towards Bitcoin? https://bitcointalksearch.org/topic/russias-approval-of-btc-5385480

is this war issue is part of their Crypto manipulation? sorry to ask but this seems estrange to me as their actions nowadays is making me wonder what is behind this scenarios .

actually bitcoin has no effect on any situation , if bitcoin want to go up  so go up, if want to dump so dump. when all things are compared with FIAT, bitcoin Will affected too.

no.
some people are trying to put 2 and 2 together to make 22 so they can super hype up some crypto news hoping to cause some price movements.

EG tagging on how some are using bitcoin to buy weapons.. and equipment. making it seem like the whole country just grabbed some btc and bought lots of stuff with it.

however reality is alot of the citizens near the border are training with wood pretend gun shapes. not real guns. they have not been given lots of equipment to prepare

sorry but small examples of a couple people is not the same as what is being hyped up as a massive buy order enough to defend a whole city

tensions between russia and ukraine have existed for years.. the crypto stuff is a separate matter.
the tensions escalated in december. but the btc bill has been passing around since july. one does not cause the other. they are separate events

though it can allow ukraine a bit more freedom from its neighbour by handling btc instead of directly swapping UAH  direct for RUB
although bitcoin can offer Ukraine many opportunities like opening more asic farms to pay into utility companies to expand power plant upgrades. and also other things. those things just listed have not yet made any real world impact of any scale

the russian/ukraine tensions is more related to the EU/nato stuff

Is this legalization based on the crisis that is happening right now?
This crisis is still ongoing and it involves Bitcoin between that country. Currently, actually, Russia will also welcome Bitcoin, but the law is still debatable.
Actually, whatever the purpose of Ukraina accepting and legalizing Bitcoin, it may give a positive impact to Bitcoin itself. But, the FUD is surrounding, where it spreads that Bitcoin is involved in a war and this may also give a negative impact/. We are just looking forward of what will happen and will influence later to the Bitcoin itself.

receiving btc and then swapping it for UKraine fiat.. to then buy things is not illegal.
sending btc to another country to buy things to be delivered back to the ukraine is not illegal.

but going to a starbucks in the ukraine and trying to get the barrista to accept bitcoin for a coffee.. um no. not gonna happen

That is strange, because as the article posted in OP says, ukrainian volunteers and activists are being funded also through cryptocurrency in order to purchase military equipments, medical goods and accessories in general such as drones. If they can't use crypto to buy what they need, it will pointless to fulfill the goal of fortifying their defenses and strength against potential russian attacks.

Even if there is point limiting crypto usage on the law, I think the government will turn a blind eye to it due to the critical situation the country is facing right now. The government won't want to prejudice a patriot ready to defend his country in times like this...

Probably and hopefully this is the first stage, and they are trying a kind of gambling sector approach I've seen in my own country and others in Europe, letting you gamble all you want, no matter how much and on what sports, not caring if you lose money or you're cheated but once you withdraw some winnings you're going to be taxed no matter what.

This way they would be shifting everything to exchanges and the banks that are facilitating the conversion to fiat, easier to log, easier to detect, and easier to tax, no more headaches with shops avoiding VAT, avoiding income tax, keeping everything isolated, and simply milk whatever you can get without disrupting anything in the economy. Still, I think they will not go the same way as the draft from Russia which had a part about every transaction having to go through a regulated service, this is the impression I've got, they want to put cryptos in a playground and that it, have your fun there rather than enforcing a total control or letting you way too much freedom.

I wonder if they will stick to the proposed 5% tax that was in the September draft,  a rise to the standard 18% tax would mean a lot.

That’s precisely the part that struck me most, and which I highlighted when commenting the matter on my local board. From what I gather, you can buy, hold, or trade within the cryptocurrency realm ... But you won’t be able to use it to buy anything is stores or any other type of business.

If the reading is to be what I’m getting from the media (and it would be great if a local could chip-in at some point), it’s like legalising the trading/speculative side of crypto, whilst not allowing for payments to be made with it.

The law actually almost passed months ago, but the President put a veto on it because it called for forming a new commission to regulate cryptos, and he argued we don't have resources for that. So it doesn't have much to do with Russia or the existing pressure. Also, while this law isn't about making Bitcoin legal tender, it's only the first step out of many on the official roadmap on the way to adoption of cryptos in Ukraine, and future plans do consider making it a legal tender as well as making a CBDC from hryvnia. The details will be figured out later, and cryptos are very visible in our country already (have been so for a while).

This is already a good news and you seem to be expecting more with them. What El Salvador did is not easy but it takes a lot of guts and have you seen a country that made btc a legal tender other than them? No right? And it already comes to their mouth that they are not promoting btc in any means and they do not want btc to be in the same level as their local currency.

I think that clearly tells that they have a little hate in btc but I do not understand why would they legalize btc then? Are they being forced or what. Price could surely increase a few moments later because there are new monies that will be injected in the btc market.