Ukrainian president signs law to legalize cryptocurrencies

After receiving millions of dollars in cryptocurrency donations, Ukrainian President Zelenskyy legalizes cryptocurrencies in the country. • by Alice Zaniolo • March 17, 2022

After receiving millions of dollars in cryptocurrency donations during the war with Russia, the war-affected President of Ukraine Volodymyr Zelenskyy has now legalized cryptocurrencies in the country. According to CoinDesk, Zelenskyy signed a bill on virtual assets yesterday. The law determines the legal status, classification, ownership, and regulatory authorities of virtual assets, as well as establishing registration requirements for cryptographic service providers the Ministry of Digital Transformation said yesterday in a statement. Ukrainian government statement on cryptocurrencies Here is the tweet from the Digital Ministry of Ukraine which states that the market will be regulated by the Ukrainian National Commission on Securities and the Stock Market. The exchanges will be able to operate legally and the banks will open accounts for them. Ukraine has legalized the cryptocurrency sector - @ZelenskyyUa has signed a law. From now on, foreign and Ukrainian cryptocurrency exchanges will work legally and banks will open accounts for cryptocurrency companies. It is an important step towards the development of the VA market in Ukraine. - Міністерство цифрової трансформації України (@mintsyfra) March 16, 2022 The Ukrainian state body has the task of "shaping and pursuing a policy in the field of virtual resources; determine the order of circulation of virtual resources; issue permits to virtual resource service providers; and carry out financial supervision and monitoring in this area, "according to the government announcement last month. The Ministry of Finance is working on changes to the country's tax and civil codes to fully launch the virtual assets market, the statement said. Before the bill was passed in parliament on February 17, 2022 and eventually became law yesterday, President Zelensky had rejected an earlier version of the bill in 2021; this at least according to the CoinDesk report.

COMMENT. Remember that the block-chain system is a system of false democracy. There are equal conditions between the nodes, but it is like arguing that the Knights Templar were democratic because they shared food and property. Now mining is reserved for a few supercomputer owners. The common citizen who buys cryptocurrencies has infinite possibilities of being scammed, from the Ponzi method to the theft of badly invested money. Combining an anarchist system with a state system is impossible. This is demonstrated by Meta (Facebook) who has given up on launching its cryptocurrency. So we hope that the world will realize the validity of the proposed exhibition of digital currency that respects the canons of the CBDC.

coindesk