Topic: Ukraine Just Legalized Bitcoin (Read 751 times)

Any bad news in the world, especially concerning big countries, will certainly have an impact, as well as the conflict between these two countries. but usually the impact is just the beginning and bitcoin will continue to run as usual and trading will run normally again.

It's really very unfortunate, this is because it concerns the egos of their leaders, which so far the two leaders have gotten along but now don't get along and so many issues have surfaced making conflict unavoidable, so it's not just one problem, especially regarding the legalization of bitcoin, that's clear. just the add trigger only.
Hopefully everything can be resolved soon, if you want to sit down and negotiations can be carried out.

It is very unfortunate, looking at Russia and Ukraine at this time, if the debate is only about legalizing bitcoin, if legalizing bitcoin with the aim of not being dependent on the dollar there should not be a conflict like this,
I'm really concerned about this situation.

I think adopting a bill on legalizing bitcoin is just right on time, and this may not be made possible if there was never a tension between Russia and Ukraine, right?  But as far as i remember, bitcoin has been already legal in its previous year, but due to lack of existing laws, crypto has been in a grey area. But now, as the country has established clear policies about crypto, then those owners of virtual assets will no longer worry about. After all, the law will protect the owners of virtual assets and exchange platforms from fraud, that's the purpose of adopting a law on bitcoin. Source: https://www.euronews.com/next/2021/09/09/ukraine-becomes-the-latest-country-to-legalise-bitcoin-and-cryptocurrencies

If a total war broke out between these two countries then the best thing to do is convert your assets into bitcoins and find a way to get out from those countries to save yourself from a senseless war which you don't even know the reason for. Many people are worried about it since only the civilians will suffer and those in the authority will only seat on their couch and execute the order to their military. Now is the time to do it because when the war will broke out, you won' have any convenience withdrawing your funds from the banks.

Even though there are doubts, maybe this is one way and a good decision between the two countries.
Even so, bitcoin has now made a little more progress because the war between the two countries has ended well.
I'm sure once this situation improves, bitcoin will surely shed some light for all of us.
The open attitude that Ukraine has taken to crypto has made big investors even more daring to buy bitcoins back.

it seems so. this impending war may push thru crypto adoption as the government as well as its people are finding ways on how to secure assets and find all the possible resources of their funds.
but in any case this war will not happen, that's fine. russia and ukraine already change their stance towards crypto. they are heading to regulation which means, more people are not going to be scared of touching crypto. and also, additional income to their financial system.

I think this is just the first step for Ukraine to legalize bitcoin knowing it will also add profits to their country as there are a lot of people who are secretly trading and investing since their own country has not legalized it yet. But now that Ukraine has opened a lot of opportunities for traders, investors and miners, then Ukraine could be an ideal place for crypto enthusiasts. And when everything's went good, the next step will be adopting bitcoin as a legal tender hopefully. The tension between Russia and Ukraine could mean a blessing in disguise for bitcoin adoption.

I doubt that us hardly the case between these two great nations. If we look at it subjectively, legalising bitcoin within individual nations has got no antagonistic element to it. They've sort out a means to better there nations by ensuring they've got some inflow of money from their citizens outside the country and its a good thing.

I commend both nations for taking this step and I'm sure other nations are looking towards following the steps of these nations for a bitcoin adoption. Even though, its not as a legal tender.

Ukraine has now taken an open attitude in accepting crypto in their country, although it is still only limited to the use of investment but at least ukraine has clear rules for crypto trading in the country, I am sure that the existence of bitcoin legality in ukraine will of course provide a sense of security for investors and traders in ukraine, besides that with the legality of bitcoin it may provide investment opportunities for the ukraine community so that it will improve their economic standard of life, hopefully in the future other countries will follow the steps taken by ukraine today.

Any country that legalizes bitcoin in the context of legalization in its fiscal system, where the state legally fixes a certain percentage for the production or resale of cryptocurrency. I believe that Ukraine will find within itself the intellectual potential to create a cluster in the economy focused only on cryptocurrency and projects related to it.

I'm returning to the topic because it didn't seem like a big enough thing to create a new one, but also something I wanted to mention on the forum. With the threat of Russian invasion increasing, many Ukrainians are now inclined to donate money for the army through charities (they're reaching record high numbers of donations lately), and my spouse and I decided to do the same. We chose the fund, which is the biggest and most reputable one for this purpose in Ukraine, and I was pleasantly surprised to see that it accepts donations in Bitcoin (directly, to a Bitcoin address, not via some middlemen)! So given that this option was available, we decided to go for it. They have 5.7 BTC currently in their wallet, and only yesterday it was a little over 1 BTC. I'm not encouraging you to donate, it's always a personal choice. I just wanted to share this info as one of the proofs that Bitcoin is quite popular in Ukraine, with or without the law.

It's all about taxation. Ukraine doesn't want to be left out of the game, especially when most countries are legalizing Bitcoin. As long as there's money to be made, nothing else matters. We're going to have to see how this will play out in the long run, especially when Ukraine is on the brink of a Russian invasion. As much as I don't want Ukraine to lose its sovereignty, an invasion will push back everything the country achieved on its own if it loses the war. Russia has legalized (or is about to legalize) Bitcoin, so it shouldn't make any difference whenever Ukraine is invaded or not.

Adoption-wise, I see this move (the legalization of Bitcoin) as one step closer towards "hyperbitconization". If this keeps up, the world will end up using Bitcoin ditching Fiat for good. It sounds crazy, but anything can happen in the uncertain times we're living in. Just my thoughts

It would be wrong to say that Ukraine follows Russia in the legalization of cryptocurrency. Russia, on the contrary, is very behind Ukraine in this respect. All these years, the cryptocurrency was freely circulating in Ukraine and was used as a means of payment. At the same time, the government was very positive about cryptocurrency, did not restrict its circulation, and even introduced bills to the Ukrainian parliament itself, where it provided for a zero tax or a symbolic tax of five percent.
In Russia, disputes over a possible complete ban on the circulation of cryptocurrencies still do not subside, and the law already adopted does not allow the use of cryptocurrencies as a means of payment.

Of course, that will not happen that bitcoin will become their main currency as they cannot control bitcoin which is a decentralized asset, the volatility will kill the purpose of making it the main currency only. This is a good move for them, true it will attract investors and at the same time, it gives their people an option to help their economy in case hyper inflation will hit them.

Good news for the people of Ukraine, Bitcoin has become a value to the world, and it's starting to get generally accepted by counties of the world, although Ukraine are having a terrible rift with Russia, I think be this news has brought some joy to millions of Ukrainian round the world, and one thing I hope is that countries like mine can emulate such stands from Ukraine.

Not only Russia eyeing on out what El Salvador did but for sure other countries too which they are still observing on what would gonna happen on a specific period of time to El Salvador which do make out bitcoin as their
legal tender.Of course each country does have their own specific goals and intents of its governing bodies and as for the sake of economic progress and development then it isnt surprising that they would come up
into some ideas neither it is really that worth to do so or needing to go into some extent but im aint surprised about testing phase about legalization but in overall then this still a good news.

The legalization of bitcoin and crypto in Ukraine maybe has something to do with Russia but i believe their focus is on attracting foreign investors through crypto that will help to regain their down economy. And i guess they have been eyeing El Salvador for a while that made them decide to accept crypto too and legalize bitcoin mining and trading, but definitely they are not making bitcoin as their official currency. It may take a lot of realizations before they will consider bitcoin as their new legal tender.

Don't tell me you believe the government will support the decentralization of Cryptocurrency whenever you hear the legalization of Crypto or when every crypto enthusiast hoping for the day that crypto will be the mainstream of payment? When this was the reason why it take so long before we can see some government that make the decision.
Let's face this fact and if there's nothing like this rule, the institutional investors may not have invested in Bitcoin.

They aren't promoting Bitcoin but they are legalizing Bitcoin on the other side. If that tends not to promote then this makes no sense.
Or this seems to be a conflict of interest that triggers Ukraine to follow Russia legalizing Bitcoin. I hope not but to consider this as a serious deal and really accepting Bitcoin in their country. While seeing this, the Ukrainian government is in the way of helping their people to live comfortably and more advanced.

I don't think that it's the trigger, that's just trivial matter compared to the real reason why they're on a tension right now. I think that Ukraine just wants to embrace crypto adoption and they see it as a means to improve their economy and they're going to need it right now with Russia showing force and bullying the country.

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.

I thought Bitcoin was legal in Ukraine since a major part of cryptocurrency users are there. A few cryptocurrency statics shows a major part of the traffic coming from Ukraine. However, if there weren't illegal means there wasn't be prevention of using Bitcoin. But of course when people can use cryptocurrency more widely then it will be more popular there and a kind of adaption. Since the advisory board proposes cryptocurrency legalization means there is a 99% chance signed by the president. Thinking positive

Lately Russia and Ukraine have become the hottest topics being discussed by the crypto community in the forum, ranging from Negative to Positive.

Gradually it seems that crypto will become a basic bill for certain countries to adopt especially Bitcoin, now Ukraine is in the public spotlight again after El Salvador, Panama etc.
Ukraine is already ranked fifth as a country that legalizes cryptocurrencies to boost the Ukrainian economy, All of us also hope in this 2022 and beyond, Bitcoin/crypto can be a special concern for countries that think of it as a good asset in the future, without blah, blah, blah, money laundering and so on, positive.

Indirectly the ukrainian government will task every crypto trading transactions, mining e.t.c after it legalization by their parliament, I believe the government will generate some revenue via that means though with close monitoring by the law enforcement agents to prevent money laundering and other related crimes, it is a good step in the right direction, this is what I expect some countries who are hostile to crypto trading to overturn and lift whichever ban imposed on cryptocurrencies invariably would earn and generate extra source of income for the country.

Not really

It doesn't matter if Bitcoin is legal or not. If people really need to use it (and I mean for something else than speculating) they will use it even if it's illegal. If people "hesitate", why should they? Because there is no law about doesn't mean it's illegal.
Imagine a country in which Bitcoin is considered illegal: does it stop people from using it? No. What the gov is going to do? Visiting each home to check if there isn't a wallet installed on all devices? No

Even during the time with no laws, they had access to trusted exchange platforms, so feeling safer than before isn't justified. Using a P2P method as you mention doesn't make it safer now either. Risks are the same.
It's like saying if a government make prostitution legal, I have less risk to get AID

As I said several times, we don't need the approval of any government to use Bitcoin, they're not welcome in our affairs and their "laws" are not needed, nor we asked for.
We basically choose to use cryptos to avoid them, so we don't need them somewhere

Despite this being a positive news in general, I didn't like the following parts ^{[assuming that it's still part of the bill that just passed]}:

• Quote from: https://watcher.guru/news/ukraine-legalises-bitcoin-and-other-cryptocurrencies
  The important point to note is that the Draft Law defines a VA as merely an asset that cannot be used as a payment instrument or traded for other assets, products, or services.
  What are they supposed to do? Just hodl?
  
  
• Quote from: https://watcher.guru/news/ukraine-legalises-bitcoin-and-other-cryptocurrencies
  All other sorts of cryptocurrencies and crypto-based assets, such as non-stable coins (Bitcoin, Ethereum, and so on), non-fungible tokens, and so on, are classified as unsecured VAs.
  I don't like the sound of that! It's quite misleading ^{[even with volatility issues being in the equation]}.

This is excellent news, as Bitcoin and cryptocurrency in general are now accepted in almost every country on the planet. Although the legalization is being pursued as a result of Ukraine's conflict with Russia, it will make it easier for Ukrainians to trade and use cryptocurrency exchanges without restriction. It's excellent news, and we hope that many industrialized countries will follow suit shortly.

when Russia recognized bitcoin, Ukraine didn't want to be left behind lol...

Ukraine has realized that by regulating crypto in their country, it will have a big economic impact on their country's economy. taxes generated from cryptocurrencies can definitely be good money to support the power of ukraine money, because we all know that relations between russia and ukraine are hot, so they need huge financial support for the worst possibility if a war really happens.

I somehow get the odd feeling that all of a sudden, countries are "legalising" Bitcoin without actually wanting to go full Bitcoin except El Salvador. Why not recognize it as legal tender, already? Ukraine has around 7 times the populations of El Salvador, so we could see a very nice pump. But as of currently, I only see dips. Really not so sure as to why Russia and Ukraine legalising Bitcoin hasn't had an effect on the price...

Is it the war scare? Whats really going on?

This is a step in the right direction. Despite the deplorable state of the political and economic policy of this country, they are doing the right thing in this matter. This approach will provide attractiveness not only for investment, but also for the influx of personnel who, over time, will be able to create and develop a promising direction in the economy. Ukraine over the past 30 years of its independence has missed (let's face it) many chances and opportunities. But apparently it's time to look ahead and think about the future.

Finally there are more countries that are legalizing bitcoin now and this indicates that cryptocurrency is increasingly being accepted by countries in the world, with legal legality from the ukraine government of course this will open up the crypto currency market for businesses and investors who have been a little afraid to invest crypto, although the legality of bitcoin carried out by ukraine is not like what the Salvadoran government has done, but in my opinion, ukraine will slowly move towards adopting bitcoin as a whole and hopefully this news will be an impetus to increase the price of bitcoin in the market later regardless of the issue existing war.

Eventhough the adoption happened is so light still its really a good thing for investors knowing that there government allow them to use this and they don't have something to worry about its regulation and for what they did for sure another huge countries will think more deeper on their near next adoption so I guess we can see more countries come with bitcoin and hopefully we can also see the same like El Salvador adoption on third world country since it will really bring huge impact on bitcoin.

The legality of bitcoin carried out by ukraine at least provides guarantees to investors and crypto actors in the country, although the legality may not yet allow it as a means of payment, but at least it confirms that if ukraine is starting to open up to crypto developments in modern times like today, it may still be it's a long way for countries like ukraine to fully adopt as el salvador did , but I think at least ukraine has now started a fresh start for their economy.

Then this will really affect the crypto market if the War of Ukraine against Russia ? because this is one of the good news now mate but what is in the war to come is a different thing.

If the war comes to start then this legalization may not take part because the negative effect will made the market and people rattle than investing in bitcoin .

And developed countries will legalize it without additional tax....
you are required to pay tax anyways whether you trade on btc or not.



if you don't want government control then don't dream of adoption, if government is in control of political, economic and social aspect of a country, shoulder the responsibility of protecting its citizens from internal and external treats, then expect them to do same in this regard, it may not surprise you, but it surprises me that countries find it important to legalize btc even when many people never thought it will happen 10 years back. 

And Russia is not about to invade tonight either.

The problem started when US/EU started helping Ukraine and Russia felt threatened that they are building a base right in their backyard threatening Russian security. Essentially Russia is doing the same exact thing that US does whenever Russia tried getting close to any country close to US main land to establish a base there.

I don't see anything surprising in this news. Legalization of Bitcoin allows developing countries like Ukraine to receive additional taxes. I am 100% sure that from vendoring or trading, local residents will be required to pay taxes. It is for this and only for this that all this is started.

The fact that Bitcoin was not legalized as a payment method doesn't surprise me either. I'm 100% sure that no country in the world will agree to this. Why? Because Bitcoin is not controlled by any state and doesn't allow controlling financial flows, which, as you know, any government strives for.

i draw the conclusion that it takes months to set up mining farms in ukraine
i draw the conclusion that any tax policy, would results in actual tax income.. the following year, not this week
i draw the conclusion when asic farms paying electric. the utility company doesnt pay the tax to treasury until financial year end
i draw the conclusion that Ukraine gov' has many options via IMF/neighbouring trade deals to pay its own defence. if needed this week.
i draw the conclusion that it takes months to buy/build military vehicles/weapons
i draw the conclusion that it takes months to train up soldiers

in short a bitcoin donation today will not result in an extra soldier tonight.

i draw the conclusion that anyone trying a "bitcoin beg" for donations is not the Ukraine government treasury officer. but some hapless douche trying to get personally rich from some event.

i draw the conclusion that Ukraine government allowing more currency options is just the government wanting to offer more freedoms to its citizens to hedge against different currencies. EG be less reliant on russian currency for cross border trades
yep. you may not hear it in western news, but even today ukraine and russia still do trade deals every day

EG instead of buying russian currency to move funds to russia people can buy bitcoin and send bitcoin to russia and let the russians convert to russian currency at their end. thus ukraine doesnt have to touch russian currency as much.

imagine forex reserves like
UAH:   1,000,000,000 <>2,870,000,000    :RUB    (rate 1uah=2.87rub)

by having less need for 1000m UAH in reserve for swaps.
UAH:   950 <>2870    :RUB    (rate 1uah=3.02rub)
UAH:   900 <>2870    :RUB    (rate 1uah=3.18rub)
UAH:   850 <>2870    :RUB    (rate 1uah=3.38rub)
ukraine can affect the forex rate of uah to rub

..
most of this 'drama' is not actually russia vs ukraine.
its actually the EU/nato not doing much to help out ukraine.
EU dont want to support eastern ukraine because of the 'pro-russian' ukraine citizens in eastern ukraine. and EU not wanting to be part of helping out 'pro russions'.
and also with ukraine wanting to join nato. but again nato is less than obliging because of the eastern region of the ukraine.

its more so that the EU/nato would prefer that eastern ukraine to go 'full russian' and have russia just take the territory into russian occupation so that whats left of ukraine is NOT pro russian, which has led to media drumming up the idea that putin will take eastern ukraine over

Russia and Ukraine becoming more liberal towards the crypto industry seems really weird.
Anyway,this is good news.It's way better for the crypto traders and miners in both countries to know that dealing with cryptocurrencies isn't in the "greyhat" area of legislation and regulations.
AFAIK,crypto isn't 'adopted' in Russia,because:
1.Crypto wasn't really banned in Russia.
2.Legalizing cryptocurrencies isn't exactly adoption.Real adoption would be the government and big companies starting to accept cryptocurrency payments,which isn't case and most likely will never happen.

This is indeed a good news and i expected some good price momentum in bitcoin after this news. However, we don't see impact of these good news on the bitcoin prices. I wonder what  could be the reason for this ?
Anyways, i thnk the race of legalization of bitcoin have started and evenutally every country will announce it sooner or later.

It does a little, and not just for companies but for regular people. You see, many people hesitate to buy bitcoin since the laws aren't clear or don't exist (unregulated) specially if they have to buy it P2P. But when bitcoin is regulated, they feel safer specially if there is a legitimate exchange they can trust with their money while swapping it for bitcoin.

It seems like a decision of great urgency, when reading the article subtitles:


i draw the conclusion that ukraine need more funds in their current situation.
Don't know how many crypto users there are in that country. But if the legalization is meant to immediately levy taxes on crypto holdings, the potential for state revenue from it may be large enough to aid their defense operations.

"The bigger the risk, the bigger the reward." This belief is what makes Ukraine to legalize bitcoin knowing there is bigger potentials in it and since bitcoin creates more opportunities to make a country more developed and progressive. Also, the pressure that was built into Ukraine by Russia made their official currency dropped a significant amount, that made them think to adopt bitcoin. That way, bitcoin investors can help Ukraine to save it from its down economy. Source:https://interestingengineering.com/ukraine-bitcoin-law

I think Russia and Ukraine legalizing bitcoin simply maybe they want to reduce their dependence on the dollar and they see the potential bitcoin. In history, Ukraine was once part of the Russian Soviet Union. No country wants war, if who wants the war to happen it's the US government.

Two countries are fighting each other, and until now their relationship is still not improving, most likely Ukraine legalized bitcoin because it wants to compete with Russia, Ukraine will also do what the Russian state is doing, they will also have an economic war with Russia, maybe this is the reason Ukraine is following Russian move to legalize bitcoin in their country..

The country has not yet officially legalized Bitcoin, right? If I'm not mistaken, the bill that was just passed by the country's legislators has yet to be signed by the president into a law. As such, the status of Bitcoin in the country remains. Although this is a big step already, there is still that possibility that the president would veto it. Let us not forget the first time Ukraine's legislature attempted to legalize Bitcoin, it was thumbed down by the president. I hope this new version would finally meet the expectations of the president. With a legalized status, Bitcoin would certainly thrive more.

It's great that Ukraine is trying to stand out as a nation that embraces both crypto and investment. Nations that embrace bitcoin stand to gain from taking such bold action before other countries do. Hopefully the situation with Russia will simmer down and Russia will respect Ukraine's borders. Ukrainians have been through enough since the Soviet Union and deserve their independence and sovereignty.

it is still good news for the people of ukraine as it will give clear stance of their government towards bitcoin. so they won't be hesitant on owning btc stash as it has been declared legal. the impending war may truly be the reason why it led to this decision. after russia allowing miners in certain areas, now, it is ukraine announcing their stance towards btc. but i don't think we will see this russia-ukraine war, everything can now be resolved with good communication and settle for peaceful arrangements.
their people don't need this war while we are still in pandemic crisis. they need to think about the welfare of their constituents.

Bitcoin is a safe haven for countries that have Eco's of war. But, it's not a new thing when Government Ban or Legalize bitcoin because people can still utilize their coins in different manners in the country where it's legalized or banned. Ukraine will see no much changes in their economy despite the recent news about bitcoin. I don't think it's something to celebrate though, unless for the few other citizens of Ukraine that will start using bitcoin for the first time in the country.

Ukraine was actually trying to pass this bill for months but it was rejected at first. I'm pretty sure it was in the press somewhere in Summer of 2020, back when Russia remained negative, so it's not like Ukraine is copying Russian laws.
I like what they're doing. First you ignore it, then try to fight it, then you find that if you can't stop it you can support it and make some money in the process. If people make money with Bitcoin they still pay taxes in your country, so why would you fight it?

It is said, long back itself this discussion law is under discussion in the parliament. Days back some changes were made and passed in the parliament. Now it is forwarded to the president for approval. Though this is not a big positive news, it is to make good changes within the country business development. If war begins it'll surely affect the purchase power, by that time bitcoin usage could give way to safeguard funds.

Probably not about the current situation on their borders, but bitcoin could be useful to these countries should they face economic hardships when war is expending more resources than they should, especially Ukraine since their currency is somewhat weak, and their citizens could use bitcoin and crypto to survive. Right now, Ukraine has taken a positive step that favors them somewhat, and places them in an advantageous position in the future.

I think it's way better to be explained by a local individual that came from Ukraine if the tension between the two country was that intense or not. It's a good move for the crypto industry since we know that they are recognizing it may it be a legal tender or a currency.

Whenever I see any news about Ukraine I expect to see news from Russia attacking this country, these days. But the intreating thing about this case is Russia is trying to legalize bitcoin and the news was officially out a few days ago but right now and just a few days after that we hear Ukraine doing the exact same thing which is a bit odd because these two countries are not that much friendly together. Or maybe Ukraine is doing this because they are expecting to have a war with Russia soon. 

Being a legal tender and legalized are two different things. People may go and over extend a news when it's all about legalization of bitcoin. They're now like setting a standard for themselves that it's like a legal tender implementation.
With the tension that's been there on Ukraine with Russia, they're still having bills that's outside the protection of their country which should be focused there. This law is like other countries that haven't made any bill yet bitcoin and any activity except illegal is adopted in countries that are okay with it.

Economically it makes sense to allow it, as Bitcoin/crypto is driving a lot of new online businesses and it allows them to relocate to this countries under a regulatory framework. We see it in places like Estonia, which is a techhub creating some great tools on the blockchain and creating a lot of innovation, but more importantly these things create jobs and tax income for the government. Their citizens are going to do these things anyway, so it's better off that they can monitor certain flows and citizens feel less incentive to try hiding them. In the end, all but the most extreme authoritarian governments will eventually take this route, unless they start creating their own country based version and want to block out the competition.

This news is not something new as legalization was already observed before way back Sept 2021. The breaking news i want to hear is that when they will legally adopting bitcoin as their official currency, or even just an alternative to their official currency hryvnia. Because once it happens, it will follow the path of Russia and El Salvador that could create a massive price surge for bitcoin in the market. But at least, we're seeing bitcoin mining and trading already legal, that's still a good factor though.

take away the TV. take away the western media.
and you will see no bullet has been fired between ukraine and russia..
yet every day people in america cross state lines to shoot out rival gangs..

america has more tension.

the whole Russia/ukraine might seem a little tense if you live within 5 miles of the border. (more wonder/nervous than fear) but if you live 50 miles away.. its just another ordinary day. people go to work, people play music, games, have social lives. do normal things. politics and industry continue.

just because there is some political tension. does not mean industry stops. its not like peoples toilets dont flush because they turned off the water utility industry... life goes on, lights still work, toilets still flush

there are loads of Slavic social media platforms. some with good translations. its easy to talk to people and tell them about how they are feeling day to day. .. most are just doing the norm

when 'capitol hill' was being breached in washington. do you think people in arlington, alexandrine just dropped everything.. nah, they went to work as usual
take the wars in iraq and Afghanistan.. farmers still farmed. retailers still sold goods.
all they done was not be within 5 miles of the 'danger zone'

It doesn't change anything for the citizens since it wasn't illegal in the first place. As mentioned in the article, people are already using it. Do I need to remind you that we don't need any approval from any government to use Bitcoin? Who cares if Ukraine decided to make it illegal? Surely not the Ukrainians themselves.

It only helps companies to make sure that they are operating in a recognized and supervised environment and that they won't get a surprise a day with someone telling them "you have to close the doors tomorrow".

Not really a new per se, or I mean not an important one. There are like 300 countries worldwide so expect to see a few hundred appearing from time to time.

I too think there is no relation between Russia VS Ukraine. Making a currency "legal" doesn't mean it's a currency "official" or that could be used by the government

The news is not new, but dates back to September the ninth 2021 (the bill was finally past the prior day), and the bill was being thrust to and fro since 2020. I don’t think they has the current situation with Russia in mind at the time of passing the bill.

... but wait, there are some references to it being today the date when they passed the bill, which is confusing:
https://watcher.guru/news/ukraine-legalises-bitcoin-and-other-cryptocurrencies?c=533

Summary:It seems that the article referenced in the OP relates to September 2021’s draft law, which was passed by the Ukrainian Parliament, but not signed by the President. The necessary changes were made and the law was formally passed today, legalizing cryptocurrencies in the country.

Am I the only one who thinks that Ukraine is considering a war is imminent and paved way for their citizens to move to a decentralized form of currency in case the need arise in future? I may be terribly wrong but I welcome the fact that Ukraine has taken at least a right step. Legal grey area is a dangerous thing and some crypto exchanges of my country have already experienced this. So it's always better to have everything in black and white which is not only efficient but makes it easier for everyone to adhere to it. That brings speed and trust within the ecosystem. I hope Ukraine gets full benefit from the legalization of cryptos and probably set an example to the world.

 

First Russia adopted crypto and announced to make it legal and now the Ukraine did the same. Both of these countries are at the verge of war against each other.
Though it makes no sense but still i wonder if the tense situation in both countries is the triggering point for the adoption of bitcoin?

Ukraine's parliament has supposed a new law that legalises cryptocurrency. The bill was adopted in a near-unanimous vote on Wednesday and needed to be signed by President of Ukraine 'Volodymyr Zelensky'. From today, trading or vendoring in crypto in Ukraine has existed in a legal grey area. Local peoples are now permitted to buy, sell and exchange cryptocurrencies, but law enforcement will often see companies and exchanges dealing in crypto.
Ukraine's crypto law does not promote bitcoin as a form of payment or legal tender or does not put Bitcoin on an equal floor with the hryvnia (Ukraine's national currency).

Sources: https://www.thestreet.com/investing/bitcoin-goes-to-war-ukraine-legalizes-cryptos-as-russia-pressures-build