Legalization of cryptocurrency: what’s new?

Cryptocurrency in Ukraine becomes more widespread, so the country is a part of a cohort of states where e-money develops the fastest way, “Vholos” magazine reports.

The National Bank still does not recognize the cryptocurrency as the means of payment, but there is no direct prohibition on transactions with electronic money.

Recently, Oleksandr Turchynov, secretary of the National Security and Defense Council of Ukraine, instructed the structures responsible for the legal and financial spheres in the state to develop legislation on the regulation of the cryptocurrency market.

The main problems associated with the legalization of electronic funds are whether cryptocurrency to be money, since services and goods can be purchased for digital coins, they can be saved and accumulated but unlike ordinary currencies, the state does not guarantee the value of electronic money.

Therefore, the governments of many countries question the legality of cryptocurrency. Thus, they are forbidden in Bangladesh, Bolivia and Ecuador, and China has introduced restrictions on bidding in cryptocurrency exchanges.

Although most states, including Ukraine, have not yet decided on the status of electronic money, but developed countries try to regulate their turnover. For example, the USA officially recognized Bitcoins as property and commodities, Japan as means of payment, and the European Union recognized them as means of payment and virtual currency.

The Verkhovna Rada of Ukraine still considers two bills, one of which calls cryptocurrency as means of exchange, and the other one – financial asset. However, subject to the approval of any of them, transactions with electronic money will be taxed in accordance with the domestic tax law.

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  2. Cryptocurrency will be soon legalized in Ukraine
  3. Cryptocurrency market collapsed
  4. In Ukraine, the annual turnover of electronic money is about 2 billion UAH
  5. Еlectronic money turnover in Ukraine exceeded one billion UAH

Тема : Новини