Ukraine Ushering in a Digital Future with Bitcoin (BTC) once President Volodymyr Zelensky Signs the Legislation

The President of Ukraine, Volodymyr Zelensky, is reportedly all set to sign cryptocurrency legislation that was almost unanimously (276 votes in favor and 6 votes against) adopted by the Ukrainian Parliament on September 8, 2021. Once the legislation is signed by the President and becomes law, it will legalize and regulate cryptocurrency. Reports say that the law, once signed, will protect crypto exchanges from fraud and, at the same time, protect the owners of digital assets.

Rumors going on in Ukraine suggest that the country is gearing up to transition to a fully digitized economy and also making Bitcoin BTC legal tender. The signing of this legislation to the law will determine how the cryptocurrency market will be regulated in the future and how Bitcoin businesses will be allowed to operate within the country.

Reports suggest that representatives from Ukraine visited El Salvador and talked to their counterparts about creating a foolproof plan for adopting bitcoin and transforming the country into a crypto-friendly nation.

Bitcoin and other cryptocurrencies are already popular in Ukraine. Estimates suggest that more than 5.5 million people (which is around 12.7% of the total population) in the country own cryptocurrencies in some form or the other. Chainalysis, a renowned blockchain data company, has ranked the people of Ukraine among the leading adopters of cryptos in the world.

In 2020, around US$400 million was earned by the Ukrainians in 2020. The government has already brokered a deal with NAEC Energoatom (a state-run firm running nuclear power plants in the country, having a burden of loss amounting to US$170 million). The company has reportedly “agreed on a deal that will see it supply energy to mining operators from Bitfury’s crypto mining division.”

This has enabled the government in Ukraine to mine bitcoin BTC and hodl the earned BTC within its reserves. In fact, these BTCs can also be sold to boost the national GDP of the country or deposit it in the accounts of citizens.

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