The deputy minister of Ukraine’s Ministry of Digital Transformation
believes that crypto payments will be allowed in Ukraine similarly to
payments deriving from the U.S. dollar.
A new cryptocurrency-related bill in Ukraine will allow payments in cryptocurrencies like Bitcoin (BTC) despite not recognizing crypto as legal tender, a government official claimed.
Deputy
minister of Ukraine’s Ministry of Digital Transformation Oleksandr
Bornyakov is confident that it would be “quite legal to pay with
cryptocurrencies” in Ukraine through payment intermediaries that enable
crypto-to-fiat conversions.
The official said
in a Friday interview with local financial publication Minfin that
Ukraine’s draft bill on virtual assets “clearly states” that
cryptocurrencies do not constitute legal tender in the country, only
allowing crypto purchases.
However, the bill stipulates that local
payment processors would still be able to provide services for
converting crypto to fiat to enable payments deriving from crypto,
stating:
“Today, the legislation in Ukraine also does not
allow you to pay in dollars, but you can easily pay for purchases with a
dollar card. Currencies are converted instantly during payment. [...]
Therefore, it will be quite legal to pay with cryptocurrencies in
Ukraine, but through an intermediary.”
Bornyakov also
noted that the upcoming bill will officially legitimize the process of
cryptocurrency trading and reporting. “We expect that there will be a
whole market of intermediary services for payment of goods by
cryptocurrencies, their storage and exchange. This will expand the
possibilities of their use,” he added.
Related: New study reveals high demand for payments in cryptocurrency
As previously reported by Cointelegraph, the Ministry of Digital Transformation recommended the adoption of an updated draft bill
“On Virtual Assets” in the second reading in late June. Local e-bank
Monobank subsequently disclosed plans to launch a debit card featuring
Bitcoin trading.
The news comes shortly after Ukrainian President
Volodymyr Zelensky signed another digital currency-related law, referred
to as the law On Payment Services. The law officially enabled Ukraine’s central bank to issue a central bank digital currency, the digital hryvnia.
source link : https://cointelegraph.com/news/new-bill-in-ukraine-to-allow-payments-in-cryptocurrency-says-official
