New bill in Ukraine to allow payments in cryptocurrency, says official

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A brand new cryptocurrency-related invoice in Ukraine will enable funds in cryptocurrencies like Bitcoin (BTC) regardless of not recognizing crypto as authorized tender, a authorities official claimed.

Deputy minister of Ukraine’s Ministry of Digital Transformation Oleksandr Bornyakov is assured that it will be “fairly authorized to pay with cryptocurrencies” in Ukraine by means of cost intermediaries that allow crypto-to-fiat conversions.

The official said in a Friday interview with native monetary publication Minfin that Ukraine’s draft invoice on digital belongings “clearly states” that cryptocurrencies don’t represent authorized tender within the nation, solely permitting crypto purchases.

Nonetheless, the invoice stipulates that native cost processors would nonetheless be capable of present providers for changing crypto to fiat to allow funds deriving from crypto, stating:

“At the moment, the laws in Ukraine additionally doesn’t will let you pay in {dollars}, however you possibly can simply pay for purchases with a greenback card. Currencies are transformed immediately throughout cost. […] Due to this fact, it is going to be fairly authorized to pay with cryptocurrencies in Ukraine, however by means of an middleman.”

Bornyakov additionally famous that the upcoming invoice will formally legitimize the method of cryptocurrency buying and selling and reporting. “We anticipate that there will likely be an entire market of middleman providers for cost of products by cryptocurrencies, their storage and change. It will broaden the probabilities of their use,” he added.

Associated: New study reveals high demand for payments in cryptocurrency

As beforehand reported by Cointelegraph, the Ministry of Digital Transformation really useful the adoption of an updated draft bill “On Digital Belongings” within the second studying in late June. Native e-bank Monobank subsequently disclosed plans to launch a debit card that includes Bitcoin buying and selling.

The information comes shortly after Ukrainian President Volodymyr Zelensky signed one other digital currency-related legislation, known as the legislation On Cost Providers. The legislation formally enabled Ukraine’s central bank to difficulty a central financial institution digital foreign money, the digital hryvnia.