Cryptocurrency Legalised in Ukraine as Country Attempts to Make Market Transparent 3b351p Prevent Frauds

Cryptocurrency can now be used legally in Ukraine, once President Volodymyr Zelensky signs it. 3y4n30

By Edited by Gadgets 360 Newsdesk | Updated: 10 September 2021 13:53 IST

Cryptocurrency Legalised in Ukraine as Country Attempts to Make Market Transparent, Prevent Frauds

Cryptocurrency is slowly gaining traction around the world 5m2p29

Highlights

Cryptocurrency will be now regulated under new law in Ukraine
President Volodymyr Zelensky is yet to sign the crypto law
Bitcoin price in India stood at Rs. 36.7 lakhs on September 10

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Cryptocurrency has been legalised in Ukraine as its parliament on September 8 ed a law that will also regulate virtual assets. In the process, it became the fifth country in the world to a law that talks about legalising and regulating cryptocurrency. Governments around the world are slowly coming to with the importance, future prospects, and scope of demand for cryptocurrency. In Ukraine, 276 lawmakers ed the legal draft and voted for the bill to legalise cryptocurrency. Prior to this, there were no set laws to define the legality or value of the cryptocurrency in Ukraine.

As cryptocurrency within the country.

The report further states that Ukraine has planned to open the cryptocurrency market for investors and business practices in the future after coming up with this law. Experts are saying that the approved bill is crucial, as it shows virtual assets as intangible in the form of electronic data. It also talks about “wallet for virtual currency” and “private key,” some of the that are new to Ukraine's legislation.

According to the law, the main regulators of the virtual assets market are Ukraine's Ministry of Digital Transformation, the National Bank of Ukraine, and the National Securities Commission.

According to the country's Minister of Digital Transformation Mykhailo Fedorov, the daily turnover of virtual assets in the country is $37,000 (roughly Rs. 27 lakhs) and it is very popular among the residents of the country. Now, the system will become more transparent with the existence of this law and a greater number of Ukrainians would come forward to invest in the market.

However, despite all this, experts are worried that too many rules coming along with the law may put pressure on businesses. CEO of virtual asset exchange platform Binaryx, Oleg Kurchenko, said, “Some crypto investors could leave the country as they would not be able to trust the state at this point of time.”

Earlier this week, El Salvador became the Bitcoin price in India stood at Rs. 36.7 lakhs.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Cryptocurrency Prices across Indian exchanges

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