Adoption News: Ukraine Passes Law Legalizing Cryptocurrency And Bitcoin

Ukraine’s parliament, the Verkhovna Rada, has adopted a virtual asset bill legalizing and regulating cryptocurrency. Bill No. 3637 on Virtual Assets gives Ukraine the ability to now legally regulate digital currency.

https://twitter.com/Blockworks\_/status/1435612190887878657?s=20

According to the bill draft, the law "regulates legal relations arising in connection with the turnover of virtual assets in Ukraine, defines the rights and obligations of participants in the virtual assets market, the principles of state policy in the field of virtual assets.”

The law allows for blockchain companies to legalise individual business processes and work directly with the current banking system. Citizens can also freely buy and trade cryptos.

However, crypto cannot be used to pay for goods and services in Ukraine just yet.

Countries are rapidly adopting crypto

On Wednesday (September 8), Panama Congressman Gabriel Silva unveiled a cryptocurrency law in draft form on Twitter. The bill explained how Panama is compatible with the digital economy, including the blockchain crypto assets and the internet.

Earlier this week, El Salvador became the first country in the world to accept bitcoin as legal tender. 

Featured Image Credit: Bitcoinst

Also Read: Panama Has Introduced A Bill To Recognize Bitcoin, Ethereum As Payment Methods