An official says new law in Ukraine will allow payments in cryptocurrency

A new crypto-related invoice in Ukraine will allow payments in cryptocurrencies reminiscent of Bitcoin (BTC), though cryptocurrencies will not be acknowledged as authorized tender, a authorities official claims.

Oleksandr Bornyakov, Deputy Minister for Digital Transformation of Ukraine, is assured that payments in cryptocurrencies are “completely legal” in Ukraine.

The official mentioned in an interview with native monetary publication Minfin on Friday that Ukraine’s invoice on digital belongings “states” that cryptocurrencies will not be authorized tender in the nation, however solely allow cryptocurrencies to be bought.

However, the invoice stipulates that native fee processors can proceed to supply crypto-to-fiat conversion providers to allow payments from cryptocurrency, stating:

“Today the law in Ukraine does not allow you to pay in dollars either, but you can easily pay for your purchases with a dollar card. Currencies are converted immediately upon checkout. […] Therefore, it would be quite legal in Ukraine to pay with crypto, but through an intermediary. “

Bornyakov also noted that the upcoming bill will officially legalize the process of trading and reporting cryptocurrencies. “We assume that there will be an entire market for intermediary services for the payment, storage and exchange of cryptocurrencies. This will expand the possibilities of their use, ”he added.

Related: New analysis exhibits excessive demand for payments in cryptocurrencies

As Cointelegraph reported, the Department of Digital Transformation really helpful in its second studying on the finish of June the adoption of the up to date draft law “On Virtual Assets”. Transactions.

The information got here shortly after Ukrainian President Volodymyr Zelensky signed one other digital foreign money law, the Payment Services Act. The law formally permits the Central Bank of Ukraine to subject one central financial institution digital foreign money, the hryvnia digital foreign money.