Ukraine’s new bill allows payments in cryptocurrencies, officials say

A new cryptocurrency-related bill in Ukraine will allow the use of cryptocurrencies such as Bitcoin for payment (Bitcoin) A government official claimed that although cryptocurrency is not recognized as legal tender.

Oleksandr Bornyakov, Deputy Minister of Digital Transformation of Ukraine, believes that through payment intermediaries that support the conversion of encryption to legal tender, it is “quite legal to pay with cryptocurrency” in Ukraine.

official Say In an interview with local financial publication Minfin on Friday, Ukraine’s draft bill on virtual assets “clearly stated” that cryptocurrency does not constitute legal tender in the country and only allows the purchase of cryptocurrency.

However, the bill stipulates that local payment processors will still be able to provide services for converting cryptocurrencies into legal tender to support payments derived from cryptocurrencies, stating that:

“Today, Ukrainian legislation does not allow you to pay in U.S. dollars, but you can easily pay with a U.S. dollar card. The currency is converted immediately during the payment period. […] Therefore, it is quite legal to use cryptocurrency to pay in Ukraine, but through an intermediary. “

Bornyakov also pointed out that the forthcoming bill will officially legalize the process of cryptocurrency trading and reporting. “We expect to have a complete intermediary service market for payment of goods, storage and exchange through cryptocurrency. This will expand the possibilities of its use,” he added.

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As previously reported by Cointelegraph, the Digital Transformation Department recommends Pass the updated draft bill “About Virtual Assets” in the second reading in late June. Local e-bank Monobank subsequently disclosed plans to launch a debit card featuring Bitcoin transactions.

The news was released shortly after Ukrainian President Volodymyr Zelensky signed another law related to digital currencies, which is called the Payment Services Law.The law is official Activation of the Central Bank of Ukraine The central bank digital currency digital hryvnia is issued.