- Kuna, a Ukrainian crypto exchange, has put up a wallet to store these coins.
- The rule does not indicate that Bitcoin should be regarded as legal money.
Ukraine’s parliament officially legalized Bitcoin and other cryptocurrencies on February 17th. Over time they were accepted as valid means of payment and an engine for the growth of the sector in this nation.
As in El Salvador, the rule does not indicate that Bitcoin should be regarded as legal money but should be accepted legally as a payment mechanism. The legislation was initially prepared in September of last year. Still, it was put on hold because other concerns had grown more essential, and it was not cheap for the government to create a new regulatory body, just for Bitcoin and cryptocurrencies.
Major Source of Support
There could not have arrived at a better moment for the latest law. Cryptocurrencies like Bitcoin have been a major source of support for the Ukrainian government and people since the crisis broke out last week. Ukraine has long been a front-runner in terms of Bitcoin and cryptocurrency use. New York Times reports that Ukraine was processing more Bitcoin transactions than it did in its national currency, the Hryvnia, before the legislation was adopted.
Recently, the Ukrainian government, non-governmental organizations, and various volunteer groups took to social media to corroborate the huge amount of Bitcoin transactions. This is a time of great need; therefore, they requested money sent to those locations.
Mykhailo Fedorov, Ukraine’s Vice Prime Minister and Minister of Digital Transformation, were among many who posted the addresses on social media. Kuna, a Ukrainian crypto exchange, has put up a wallet to store these coins on behalf of the government.
