According to media reports, a bill was introduced in the Parliament to pass the cryptocurrency law, in support of which 272 MPs cast their vote. While 6 MPs were against it. After this law was passed in Parliament, Ukraine’s Deputy Prime Minister Mykhailo Fedorov also shared his views about this decision through a post on Twitter.
In his Twitter post, Mykhailo Fedorov said, “We are already among the top-5 countries in the world for cryptocurrency use. Today we take another step forward. Parliament has passed legislation on cryptocurrencies. Now Cryptocurrencies will be legal and the people of Ukraine will be protected from asset abuse and fraud.”
Ukraine is already in top-5 countries on cryptocurrency usage. Today we made one more step forward: Parliament adopted law on virtual assets! This will legalize crypto exchangers and cryptocurrencies, and Ukrainians could protect their assets from possible abuse or fraud.
— Mykhailo Fedorov (@FedorovMykhailo) February 17, 2022
The passing of the Cryptocurrency Law in Ukraine also had an impact on cryptocurrency prices. The price of bitcoin, the world’s largest cryptocurrency, increased. Along with this, the prices of other major cryptocurrencies also saw an increase. Bitcoin rose 3 percent after news that the cryptocurrency was legal in Ukraine. At the time of writing the news, the price of bitcoin in India was Rs 32.5 lakh.
The governments of countries around the world are taking positive steps regarding cryptocurrencies and digital currency is now being used as a form of payment along with trading. However, cryptocurrencies are not yet legalized in India. There are also a number of challenges with cryptocurrencies as they can be transferred anonymously from one account to another and tracking it is not easy.
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