Ukraine All Set To Integrate and Take a Leap in Digital Currency Adoption

Ukraine All Set To Integrate and Take a Leap in Digital Currency Adoption
  • Ukraine has passed legislation regulating cryptocurrency.
  • The government is optimistic about the crypto economy’s growth.

Ukraine is the sixth nation in recent weeks to set regulations for the cryptocurrency industry. Thus, indicating that governments worldwide recognize bitcoin’s permanence. The Ukrainian Parliament voted almost unanimously in September to legalize and regulate cryptocurrencies. The measure was introduced in 2020 and now goes to President Volodymyr Zelenskyy.

After El Salvador and Cuba, Ukraine has passed legislation regulating cryptocurrency. Trading in cryptocurrency was not prohibited before the legislation. Although there were no regulations.

Earlier this year, Eesti Pank, Estonia’s central bank, collaborated with the ECB, Spain, Germany, Italy, Greece, and the Netherlands to test a blockchain-based digital euro.

Using the same blockchain technology as Estonia’s now-famous e-state, a digital euro can handle up to 300,000 payments per second, with money reaching recipients’ accounts in under two seconds.

Luukas Ilves, former Estonian EU digital affairs counsellor and current strategy director at Guardtime, a business and government blockchain firm, believes Estonia could significantly gain from participation. Poland and Ukraine are two nations that have already started to establish a national CBDC.

Legalization of Crypto

According to Marek Dietl, CEO of the Warsaw Stock Exchange, Poland can choose between joining the eurozone (and creating a digital euro) or creating its digital zloty. Ukraine is another developing European nation seeking to profit from a digital currency.

When Estonia’s Eesti Pank was researching digitalizing the euro, Ukraine’s Ministry of Digital Transformation released a roadmap detailing how to transform the country into “a leader in cryptocurrency integration,” aiming to make digital currency functional by 50% of Ukrainians by 2024.

Ukraine’s daily digital asset turnover reported being about $37,000. The government is optimistic about the crypto economy’s growth. The legalization of crypto in Ukraine reflects the global growth of the digital currency.

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A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.