Cryptocurrency Payments to be allowed by the New Bill in Ukraine

As per the latest reports, cryptocurrency payments will be permitted to be processed in Ukraine. This is to be approved in the form of a new bill that has been submitted in Ukraine. If the new bill is approved, the locals in Ukraine would be able to make payments through cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).

It has been claimed by an official from the government of Ukraine that cryptocurrencies would still not be recognized as a legal tender in the country.

Oleksandr Bornyakov, the deputy minister of the Ministry of Digital Transformation in Ukraine shared his views around the approval of the bill. Bornyakov stated that he is confident that despite the government’s stance, cryptocurrencies would be authorized to make payments in Ukraine.

The locals in Ukraine are already able to make payments despite the restrictions and they are able to do it with the help of intermediaries. These intermediaries are known for facilitating users in helping them process crypto-to-fiat conversions and then payments.

It was on Friday, August 6, 2021, that Bornyakov had been interviewed by Minfin, a local financial publication. In the interview, he talked about the latest draft bill that had been presented at the Ukrainian Parliament for approval around cryptocurrencies.

He stated that the particular bill clearly talks about the current status of cryptocurrencies in the country. He stated that the draft bill submitted clearly stated what status the cryptocurrencies had in the country. He stated that the bill clear suggests that cryptocurrencies do not have a legal status/tender in Ukraine. At present, the draft bill also suggests that the cryptocurrency are only allowed in the country for purchases.

He stated that the cryptocurrencies not being legal does not mean that the payment processors will not be able to provide crypto-to-fiat services to users. The firms would still be able to provide crypto-to-fiat services to the users. The users would be able to make payments in the form of cryptocurrencies with the help of such intermediaries.

Once the bill has been approved, the reporting and trading for cryptocurrencies would be legitimized in the country. He stated that they are confident that following the approval of the bill, the intermediaries would be able to offer much more to the locals.

The users would be able to use cryptocurrencies to make payments for different kinds of services and purchases of products. The intermediaries would be able to provide access to users to different merchants and services ready to accept cryptocurrencies.

With the new bill around cryptocurrencies, the Ukrainian Government has made it clear that it is aiming to gain prominence in the cryptocurrency sector.

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