Ukraine lifts the ban on cryptocurrency

We all are aware of the current situation around the world. The country is currently at war with giant Russia. Because of the war, Ukraine is facing a record economic crisis. The compensation of the financial deficiency can make the country strong. For many years, Crypto was banned in the country. It was being operated in the dark because the government implemented no laws for cryptocurrencies like Bitcoin but now Ukraine lifts the ban on cryptocurrency.

The reason for ban

The government was also very strict against Crypto trading. The SBU (Security Service of Ukraine) caught an illegal Crypto trading network called “Clandestine Cryptocurrency Exchange.”. The Security Service of Ukraine(SBU) caught the exchange in the capital city of Kyiv. Security Service Of Ukraine(SBU) reported that the Clandestine Cryptocurrency Exchange was involved in some anonymous transactions.

The new law for Crypto

Washington DC’s general public showing solidarity with Ukrainians

Ukraine lifts the ban on cryptocurrency. The Ukrainian president has now signed a bill that clearly says that crypto is now totally legal in the country. Ukraine made this decision as it was receiving tens of millions of donations worldwide; this donation was very helpful for the government to fight the war against Russia. The bill that Ukrainian president Volodymyr Zelenskyy signed has opened the gate for cryptocurrency. The official announcement is as follows:

What about the security to make crypto trading safe?

The country has also made many important changes in the security sector to prevent money laundering and anonymous transactions. The National Bank Of Ukraine, the National Commission on Security and Stock Market of Ukraine are now monitoring and controlling illegal and anonymous transactions.

Can crypto help Ukraine?

Cryptocurrency can be a great weapon for Ukraine at war against Russia. Currently, crypto has also helped the armed forces of Ukraine a lot. During the war, Ukraine has raised an enormous donation through crypto. Some reports say that Ukraine has increased up to 100 million dollars in grants through crypto. According to the Minister of Digital Transformation, Mykhailo Federov, the country has raised more than 54 million dollars of donations. As most of the crypto donations will be on the side of Ukraine, this can be challenging for Russia. The new crypto law by the government does not appreciate the crypto as a form of payment.

According to this newly implemented law, the Locals of Ukraine can buy and sell cryptocurrencies like bitcoin. However, the government heavily restricts the companies and big crypto exchanges. In short, the news is that Ukraine lifts the ban on cryptocurrency. Ukraine appears to be the fifth country to make fair laws for Crypto trading. No doubt this will facilitate the financial crisis of the Ukrainian government.

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