Hello everyone...
At this point in history, everyone is beginning to see the enormous benefits that cryptocurrencies have to offer to humanity, for example speed in transactions, security and above all decentralization, which has been very useful for many people or countries to solve extreme situations, as is the case of Ukraine, which as a result of the war that is lived in its territory the economic situation has become so difficult that financial institutions have closed or are extremely collapsed because all Ukrainians want to withdraw money to flee the war situation.
The Ukrainian government knowing the difficult economic situation that Ukrainians are living, decided to give a free way to the use of cryptocurrencies in the country which would make the millions of Ukrainians could find a relief in terms of money mobilization, and it can be easier to leave the country without the need to wait so much for a bank.
In addition, as Russia has blocked Ukraine from all sides it has also prevented monetary aid which has been putting the Ukrainian government in a tight spot, as they need money to provide the troops fighting on the front lines with food and other supplies. So for this reason it has also approved the free use of cryptocurrencies which has so far made more than $80 million in donations in 11 different cryptocurrencies that have come as aid to Ukraine.
But, although cryptocurrencies can be used openly to mitigate a great need that has arisen, something important was needed to give a complete legal framework to the use of Bitcoin and other cryptocurrencies in Ukraine to enter into force, and this was the presidential approval, i.e. the signature of President Zelenski, which could be completed yesterday, March 16.
Which would make Ukraine the third country in the world to officially adopt cryptocurrencies legally and although they are not changing their currency (for the moment) they are giving a lot of freedom to people to mobilize the Ukrainian economy, which will be very necessary for when the country needs to be rebuilt and to make it emerge when the war is over.
Also, like the savior many cryptocurrency companies like Binance, Crypto.com, Coinbase or some other could use Ukraine as a country to promote their services, since according to Chainalysis data in August 2021 Ukraine was the 4th country in the world with the highest adoption of cryptocurrencies, which makes it the perfect country to further promote the use of cryptocurrencies in Eastern Europe and also for Asian countries that are close to that region.
In addition, other benefits for ukraine from the full passage of this law is that it creates the legal conditions for the launch of a legal market for virtual assets in Ukraine, which would greatly help the battered economy.
but as I have commented elsewhere about these approvals of cryptocurrencies legally, that this will also bring strong regulations and controls by the National Securities and Exchange Commission and the Central Bank of Ukraine. In fact, work is already underway to create conditions for classifying and regulating the market, as well as to create mechanisms for monitoring the sector. In addition, the Ministry of Finance is also actively working to amend the Tax and Civil Codes of Ukraine to fully launch the virtual asset market.
But the important thing about this news is that more and more countries are realizing how useful cryptocurrencies can be to lift an economy, and the great benefits they can leave to a country, El Salvador is already doing it and now Ukraine will see it too.