Yesterday, Deputy Prime Minister of Ukraine Mykhailo Fedorov officially announced that the Parliament of Ukraine passed a law on cryptocurrencies.

Ukraine announced the legalization of the use of cryptocurrencies

As tensions between Russia and Ukraine continue, Ukraine passed a cryptocurrency law yesterday, February 17, 2022, legalizing cryptocurrencies. The new law, details of which have yet to be revealed, aims to protect crypto investors’ assets from fraud or possible misuse. Ukraine considers the use of cryptocurrencies as a defense against the Russian military. Because of this, it is noted that the country has backed its military defenses with crypto assets. Another detail that has come to light is that Ukraine has been buying cryptocurrencies through cyber funds for years.

Deputy Prime Minister of Ukraine Mykhailo Fedorov used the following statements in a statement on his Twitter account:

“Ukraine is already among the top 5 countries in terms of cryptocurrency usage. Today we go one step further: Congress passed a law on virtual assets! This will legalize cryptocurrencies and cryptocurrencies and allow the people of Ukraine to protect their assets from possible misuse or fraud.”

Legal BTC mining proposal from the Russian Ministry of Finance

Investors were excited when the Ukrainian parliament passed a crypto regulation law that takes into account the large-scale adoption of cryptocurrencies in Ukraine. On the Russian side, conflicts and inconclusive meetings over cryptocurrencies continue. The Central Bank of Russia and the Ministry of Finance have yet to agree on a compromise. While the central bank argued that cryptocurrencies should be banned, the Treasury submitted a proposal to Parliament that BTC mining should be legal in certain locations.

As is well known, the Russian government is trying to create a regulatory law for crypto assets. The Ministry of Finance of Russia has presented a new proposal for the mining sector, taking into account power generation. The ministry proposes to offer mining companies and data centers lower electricity tariffs in some regions of Russia. Elvira Nabiullina, President of the Central Bank of Russia, continues to take a tough stance on cryptocurrencies. He advocates a total ban on crypto activities.

Anatoly Popov, Deputy CEO of the Russian banking giant Sber, used the following statements in his comments on the subject:

“Our position aligns with the government’s position that cryptocurrencies should be regulated, not banned. Effective regulation is needed to allow citizens and institutions to legally obtain cryptocurrencies, taking into account anti-money laundering (AML) and taxation mechanisms.”

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