Ukraine passed law to Legalize Bitcoin what does it mean for Bitcoin?

kotajikikox

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Quote from: _act_ on March 16, 2022, 03:01:16 PM

Ukraine know the benefit of cryptocurrencies when it was used as payment/donation from many parts of the world to help the Ukraine in this time of Russia dictatorial invasion of Ukraine. Bitcoin, cryptocurrencies has been proved to be money that can be sent from one country to another. War makes people to appreciate the value of cryptocurrencies which can be the only useful and safer money in time of war. I know this legalization will be positive as cryptocurrencies has been benefiting Ukraine in this time of war. The world is just getting ready for more crypto adoption.

actually even before the war there is already articles tackling about Ukraine legalizing Bitcoin and of course not only Ukraine but also Russia so this news is not new i believe as i cannot find the thread here with same topic .

But indeed that they wanna push this more after experiencing the donations coming from around the world and of course from our Humble community here in Bitcointalk as well.

Ukraine Knows that after the devastation of this War , they will be needing more support from around the world and Yes Bitcoin and other crypto will help them out and make them functional even in their worst Nightmare .

AYYASH

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pooya87

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It means nothing at all.

- Ukraine has a very tiny bitcoin market compared to the rest of the world combined so the laws there don't affect bitcoin or its adoption or the market in general.
- They didn't accept bitcoin as legal tender or something significant like that, they finally passed the law that would legalize what the small number of people in Ukraine were using already. So it won't change much about adoption there either.
- Ukraine regime has already fallen and Russia won't leave unless they completely remove them. Any laws they pass may not mean much in the aftermath.

Quote from: Welsh on March 16, 2022, 09:59:08 PM

Anyway, I don't think this was passed because of the war,

I think it was considering the fact that the Ukraine regime was officially begging for bitcoin donations on the internet and they raised a considerable amount, which is a sad thing because not a single satoshi will reach regular people or ease their suffering.

m2017

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Quote from: Raymond Gary on March 16, 2022, 02:45:38 PM

Ukraine passed law to Legalize Bitcoin and crypto will have a positive impact on Bitcoin and on the crypto space.
The impact might not be seen happening immediately in the market but significant impact will definitely come.
This in total has a positive impact for the market in general.

Benefits of this Legalization
More countries will now pay very good attention to Bitcoin adoption unlike before and follow suit.

This will give people clearer picture of where we are heading to as most people are still doubtful of this very Technology.

Is this a great footstep taking by Ukraine Government to Cushion the effect of this war in your opinion?

https://www.coindesk.com/policy/2022/03/16/ukraines-zelensky-signs-virtual-assets-bill-into-law-legalizing-crypto/

I looked at the article on your link and, as usual, there are few specifics. There are too many unknown parameters in this one. I have an opinion that Ukraine will legalize bitcoin in order to receive additional taxes to the budget. Which, in fact, does not surprise me at all. Did you hope that governments would right here, right now make it so easy and simple to use bitcoin to buy and sell? It is doubtful for me whether they will ever take this step.

Eternad

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Quote from: davis196 on March 17, 2022, 01:08:05 AM

This doesn't mean anything for Bitcoin.Ukraine is in ruins.Do you think that the majority of the Ukrainians have access to the internet right now?Their main concern for them is how to survive,not where to invest their savings.
Many merchants in Ukraine aren't working right now(because of the war).Do you think that they will adopt Bitcoin/crypto?I don't think so.
This is positive news,there might be a short term positive impact over the BTC price,but the impact will be gone after a few days.
We have to focus on the situation in Ukraine and how to help those people.Focusing on the BTC price in times of war seems kinda selfish.

Those who still have access in internet that are in Ukraine can use to still do transactions and to survive especially those who have relatives in nearby countries. The governments who are seeking donations now use bitcoin and crypto to send to Ukraine. Hopefully Ukraine can survive in this battle and they can use Bitcoin or crypto to help them. For now there is not much benefit of legalizing it.

Kakmakr

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I think they saw the benefits of using Crypto currencies, when people around the world ..started to donate millions of Dollars to the Ukraine. The money was still accessible ..even thought the Banking system was in chaos in their country.

I know Stake.com for instance, donated $1 000 000 to the Ukraine and that money was available immediately. Bitcoin does not have to replace the Fiat Banking system, but it can serve as an alternative, when the Banking system fails. Wink

davis196

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This doesn't mean anything for Bitcoin.Ukraine is in ruins.Do you think that the majority of the Ukrainians have access to the internet right now?Their main concern for them is how to survive,not where to invest their savings.
Many merchants in Ukraine aren't working right now(because of the war).Do you think that they will adopt Bitcoin/crypto?I don't think so.
This is positive news,there might be a short term positive impact over the BTC price,but the impact will be gone after a few days.
We have to focus on the situation in Ukraine and how to help those people.Focusing on the BTC price in times of war seems kinda selfish.

Despairo

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Not surprised, they got a lot money in Bitcoin from the donations, so why not they legalize it to thankfully those donators isn't? Although Bitcoin didn't directly solving a financial problem, but Bitcoin could be used as a donations where any people on worldwide can help any country which need it. Where are those article which always create fake news and spreading FUD? where are those people always mentioned Bitcoin is used for crime? When Bitcoin is used for help, those people shut up and closing their eyes.

cryptoaddictchie

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Quote from: Welsh on March 16, 2022, 09:59:08 PM

Anyway, I don't think this was passed because of the war, and I don't think its going to aid them very much in it. Like I said, it was proposed before the war, it was just rejected.

Maybe it is. Since this was rejected before, means there is no reason to why they are gonna do it. But now that they are in situation in favor to them with the help of cryptocurrency then, I guess the primary reason is the war itself. They could have used it widely as donations and support can be come via bitcoin and when its legalize its more easier for them I think.

avikz

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I wonder why Ukraine did it now amidst a war with Russia! They could have done it earlier considering they house some significant crypto mining operations within their country limits. Possibly the leadership is now able to understand the benefits of legalizing a trustless and intermediary free monetary system and hence doing it. It's a late realization but a good realization at the end of the day. But now they have signed a treaty to connect with EU nations, I don't know how long they will be able to stick to their decision of legalizing it, especially when EU talks about banning POW algorithm. Once their EU membership is confirmed, they will have no choice but to submit to EU legislation.

DapanasFruit

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With the country of Ukraine at war because of the invasion of Russia, the leadership of Ukraine has seen how cryptocurrency can be of big help as they received at least $100 million worth of cryptos from many people and organizations all over the globe. This once and for all prove how useful cryptocurrency can be during upheavals as the transfer is really so fast and hassle-free. And we are glad that Zelenskyy took the time to sign into law approving and recognizing cryptocurrency into their financial and banking system. Whatever the outcome of this conflagration affecting Ukraine and involving Russia, am sure that these two courtiers would be allies with the cryptocurrency industry for years to come.

romero121

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Once the law is being passed there is good movement in the cryptomarket. I don't relate the growth is due to the law, but it could've got some impact. More countries are into regulating the market, but the decision from Ukraine is something unexpected and an immediate one. As they've benefitted out of bitcoin, this change could've been done. Earlier the same one is being denied.

Already they've raised more than $55 million in donation. Now the legal status of cryptocurrency will help them more. Now it is time for Ukraine to act wise and keep up the economy. The Ukrainian government is taking required measures for the same.

Welsh

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Quote from: cabron on March 16, 2022, 09:52:19 PM

Anything related to passing laws making BTC legal tender is good. Amending bills in times of war is going to be accelerated, none will ever oppose which is kind of makes sense. Zelenskyy does just have overwhelming humor sometimes, they could have done it long time ago but today in war times?

But It still makes sense, Ukrainians have to hide thier wealth before Russians take over their economy which right now probably are starting to cultivate thier fields already.

As the article suggests, it was previously proposed, but rejected. It is pretty odd that it was amended during the war, though. I would have thought that would have been put on the back burner, however I guess you can't just stop passing things, since the country has to somewhat keep moving.

Anyway, I don't think this was passed because of the war, and I don't think its going to aid them very much in it. Like I said, it was proposed before the war, it was just rejected.

cabron

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Anything related to passing laws making BTC legal tender is good. Amending bills in times of war is going to be accelerated, none will ever oppose which is kind of makes sense. Zelenskyy does just have overwhelming humor sometimes, they could have done it long time ago but today in war times?

But It still makes sense, Ukrainians have to hide thier wealth before Russians take over their economy which right now probably are starting to cultivate thier fields already.

Welsh

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Not sure if this was even a priority, and I'm not sure what it even achieves. I would have thought there were more pressing matters, but there we are. Although, this could potentially be short lived. If Russia is successful in the war, which it does look likely in the long run, they could potentially reverse this, since they'll either have direct control over Ukraine or they'll install a puppet leader, who could potentially change at their request. All depends on the goals of Russia, and their view point on Ukraine, and Bitcoin.

In the short term, I don't think this means a awful lot. The long term, is a little bit too uncertain to make any predictions. I do think though that when this is over, a lot of people especially those in Ukraine will be looking for alternatives to banks, since they were queuing up outside, trying to get their money out, which took a lot longer than they probably thought would. Bitcoin might be the solution they turn too, and this news could potentially increase that interest, and therefore adoption.

yazher

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Quote from: Raymond Gary on March 16, 2022, 02:45:38 PM

Is this a great footstep taking by Ukraine Government to Cushion the effect of this war in your opinion?
https://www.coindesk.com/policy/2022/03/16/ukraines-zelensky-signs-virtual-assets-bill-into-law-legalizing-crypto/

Though I'm not really convinced about the war, I think it's a blessing in disguise for everybody who is hoping to see Bitcoins legalize in some big countries such as Ukraine. Now that they really know what can it do and what good it brings in terms of keeping your money safe. I hope the other countries consider it too so that their citizens are free to keep their money as cryptocurrency before any war broke out so that they can keep it privately and safely.

jrrsparkles

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Quote from: Raymond Gary on March 16, 2022, 02:45:38 PM

Ukraine passed law to Legalize Bitcoin and crypto will have a positive impact on Bitcoin and on the crypto space.
The impact might not be seen happening immediately in the market but significant impact will definitely come.
This in total has a positive impact for the market in general.

Benefits of this Legalization
More countries will now pay very good attention to Bitcoin adoption unlike before and follow suit.

This will give people clearer picture of where we are heading to as most people are still doubtful of this very Technology.

Is this a great footstep taking by Ukraine Government to Cushion the effect of this war in your opinion?

https://www.coindesk.com/policy/2022/03/16/ukraines-zelensky-signs-virtual-assets-bill-into-law-legalizing-crypto/

Not really excited but how long the Ukraine is going to be independent? Soon Putin will take over the control if I am not wrong but here is the catch Russian banking system is completely collapsed so I am expecting them to announce bitcoin as legal tender then they can bypass the sanctions and don't be rely on the USD anymore.I am not wrong their think tanks will be already talking about this confidentially.

batang_bitcoin

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Another good news, this might be the news that have triggered the market positively.

Quote from: Raymond Gary on March 16, 2022, 02:45:38 PM

The impact might not be seen happening immediately in the market but significant impact will definitely come.

There are news that would have to take time before we see the effect and this includes this news about Ukraine and its adoption to crypto. But lately, the market had been green and this really might be the reason why we're seeing some positive movements again not just for bitcoin but for the whole crypto market.

Slow death

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this is good news, with that at least it makes room for another country in europe in the future to legalize bitcoin, but in terms of great impact this will not cause, I say this because ukraine is at war and it is not a very important country to a level like the USA, in my opinion, on the day that the European Union or the United States of America passes a good law for bitcoin, then the price of bitcoin will increase a lot because the impact of such news would be very big. I'm not belittling ukraine, but in terms of impact of this news from ukraine it's not as big as it would be if it was the united states or european union or even if it was the uk

CaVO32

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Quote from: _act_ on March 16, 2022, 03:01:16 PM

Ukraine know the benefit of cryptocurrencies when it was used as payment/donation from many parts of the world to help the Ukraine in this time of Russia dictatorial invasion of Ukraine. Bitcoin, cryptocurrencies has been proved to be money that can be sent from one country to another. War makes people to appreciate the value of cryptocurrencies which can be the only useful and safer money in time of war. I know this legalization will be positive as cryptocurrencies has been benefiting Ukraine in this time of war. The world is just getting ready for more crypto adoption.

And that means the obvious impact of this legalization, more adoption, which means, more demand, and eventually increase of crypto prices. It may not be seen right away but definitely this move will further increase adoption. They are now starting to appreciate the crypto market, when they saw that they can easily donate crypto to Ukraine without divulging their identities and without paying much for transaction fees. And with the physical buildings destroyed in Ukraine including maybe those traditional banks, they need to find a viable option when it comes to sending or storing money for the moment.

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