Ukraine is getting a lot of donations through cryptocurrency. It is believed that this is the reason why Ukraine has now legalized it in the country.
Russia Ukraine War: Ukraine’s President Volodymyr Zelensky has signed legislation making cryptocurrencies legal, and with this cryptocurrency is now legal in Ukraine. Ukraine’s parliament passed a bill a month ago to legalize cryptocurrencies like bitcoin and ethereum. Indeed, cryptocurrencies are playing a very important role for Ukraine in the midst of the war. Ukraine is getting a lot of donations through cryptocurrencies, which is why Ukraine has now legalized it in the country. It is believed that this may increase the problems of Russia. The new crypto market will be regulated by the country’s National Security and Stock Market Commission (NSSMC) and the National Bank of Ukraine. The work of regulating cryptocurrencies in the country has been going on for almost two years.
The ministry said that the NSSMC will formulate and implement a state policy in the area of virtual assets, decide the order of turnover of virtual assets, issue permits to virtual assets service providers, and regulate and financially monitor the sector. Currently, the country’s Ministry of Finance is also actively working to amend Ukraine’s tax and civil codes to fully launch the market for virtual assets.
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What do experts say
Vikram Subburaj, CEO of Giottus crypto exchange, told Financial Express Online, “It is not surprising that they have legalized the cryptocurrency industry even in the midst of conflict with Russia. The country realized the power of blockchain technology when it received donations through crypto in the midst of the war. It also means that Ukraine wants crypto-based talented people to come there to build their careers.”
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$ 55 million received as donation
According to the ministry’s website, Ukraine has so far received $55 million in crypto donations since the start of Russia’s attack last month. According to a tweet by Bornyakov on March 11, 2022, Ukraine is able to supply 5,550 bulletproof vests, 4.10 lakh packs of lunch, 500 helmets, 3,427 medicines, 60 walkie-talkies, 500 ballistic plates for bulletproof vests and 3,125 thermal imagers .
(Article: Sandeep Soni)
(Comments about cryptocurrencies in this story have been made by respective commenters. Financial Express Online takes no responsibility for the same. Please consult your financial advisor before transacting/investing in cryptocurrencies.)
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