Ukraine has legalised cryptocurrencies amid growing tensions with Russia despite many IMF Managing Director Kristalina Georgieva expressing their reservations over the penetration of unbacked virtual currencies.
Ukrainian Vice President, Fedorov in a twitter post, said the new law will help bring the sector out of the shadows. Crypto exchanges will be able to operate legally and assets in cryptocurrencies will be protected, he said.
“Ukraine is already in top-5 countries on cryptocurrency usage. Today we made one more step forward: Parliament adopted law on virtual assets! This will legalize crypto exchangers and cryptocurrencies, and Ukrainians could protect their assets from possible abuse or fraud,” Fedorovon tweeted.
Ukrainians have raised thousands of dollars for volunteer groups by crowdfunding bitcoin over the past few months, according to a recent study by Elliptic.
The majority of donations were received through traditional payment methods, such as bank wires and online payments services, Elliptic said, but “cryptocurrency has proved to be a robust and increasingly popular alternative.”
Activists have deployed crypto for such things as military equipment, medical supplies and drones and a facial recognition app that allows users to identify “militants, Russian mercenaries and war criminals.”
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