A new cryptocurrency-related bill in Ukraine will allow payments in cryptocurrencies like Bitcoin (BTC) although it does not recognize crypto as legal tender, a government official said.
Oleksandr Bornyakov, Deputy Minister of the Ukrainian Ministry of Digital Transformation, is convinced that it would be “completely legal to pay with cryptocurrencies” in Ukraine through payment intermediaries allowing crypto-to-conversions. fiat.
The official said in an interview with local financial publication Minfin on Friday that Ukraine’s virtual asset bill “makes it clear” that cryptocurrencies are not legal tender in the country, only allowing purchases of crypto.
However, the bill states that local payment processors would still be able to provide crypto-to-fiat conversion services to enable crypto-derived payments, stating:
“Today Ukrainian law does not allow you to pay in dollars either, but you can easily pay for your purchases with a dollar card. Currencies are converted instantly upon payment. […] Therefore, it will be completely legal to pay with cryptocurrencies in Ukraine, but through an intermediary. “
Bornyakov also noted that the next bill will officially legitimize the process of cryptocurrency trading and reporting. “We expect that there will be a whole market of intermediary services for the payment of goods by cryptocurrency, their storage and their exchange. This will expand the possibilities of their use, ”he added.
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As previously reported by Cointelegraph, the Ministry of Digital Transformation recommended the adoption of an updated bill “on virtual assets” at second reading at the end of June. Local electronic banking Monobank subsequently announced plans to launch a debit card with Bitcoin trading.
The news comes shortly after Ukrainian President Volodymyr Zelenskyy signed another digital currency law known as the Payment Services Law. The law officially allowed the central bank of Ukraine to issue a central bank digital currency, the digital hryvnia.