Ukraine’s new bill would allow payments in cryptocurrency

Ukraine’s new bill would allow payments in cryptocurrency

Ukraine wants to make cryptocurrency payments legal in the country despite not recognizing them as legal tender.

Ukraine tables bill to allow crypto payments

Deputy Minister of Ukraine’s Ministry of Digital Transformation Oleksandr Bornyakov has drafted a new bill that would allow people to pay for goods and services using cryptocurrencies. A government official revealed that Ukraine wants to promote crypto payments despite not recognizing them as legal tender.

According to local reports, Bornyakov is confident that it would become legal to pay for goods and services with cryptocurrencies in Ukraine using payment intermediaries that enable crypto-to-fiat conversions.

The bill specifies that cryptos don’t constitute legal tender in the country, but they can be used for payment purposes. “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,” the bill added.

More countries are opening up to crypto

Although Bitcoin and other cryptocurrencies are not legal tenders in most countries, more businesses and organizations are open to collecting them as means of payment. El Salvador remains the only country in the world to officially adopt Bitcoin as a legal tender.

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