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Ukraine Plans to Officially Legalize Bitcoin and Other Cryptocurrencies

Ukraine Eyes Legalization of Cryptocurrencies

Ukraine Plans to Officially Legalize Bitcoin and Other Cryptocurrencies

In what could be considered as a historic decision, the ministry of digital transformation of Ukraine plans to legalize the possession and usage of cryptocurrency. Although cryptocurrencies are not banned in the country, they do not have any official status as of now. As a part of Ukraine’s step towards modernization under its newly elected young president, Volodymyr Zelensky, the ministry announced that one of it main aims would be to legalize the usage of cryptocurrency. Moreover, they plan on integrating blockchain technology in their registry system.

Alexander Bornyakov, one of the deputy ministers emphasized upon the need for Ukrainian people to come out of the ‘gray area’. Furthermore, he spoke about how Ukraine would want to capitalize on cryptocurrency miners. Ukraine hopes to earn off of these cryptocurrency traders and miners. He went on to speak about their plans on applying the blockchain technology on public registries and documentation based on DLT (Distributed ledger technology).

With Ukraine getting a newly elected president, its step towards modernization and digitization has gotten stronger. As previously reported on, Ukraine’s ministry launched a state policy to legalize crypto. Ukraine’s new president aims at speeding up the process tremendously. This makes Ukraine a place where blockchain usage and its evolution is in prevalence, making it a hub for blockchain innovation.

Ukraine’s minister of digital transformation spoke about how he wanted government services to become as efficient as Uber and Airbnb. For this, he required complex technological systems which the Ukrainian government could obtain via blockchain. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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