The deputy minister of Ukraine’s Ministry of Digital Transformation believes that crypto repayments will certainly be allowed in Ukraine similar to settlements deriving from the U.S. dollar.
A brand-new cryptocurrency-related bill in Ukraine will certainly enable payments in cryptocurrencies like Bitcoin (BTC) regardless of not identifying crypto as legal tender, a government official claimed.
Oleksandr Bornyakov, the deputy minister of Ukraine’s Ministry of Digital Transformation, is positive that it would be “quite legal to pay with cryptocurrencies” in Ukraine via payment intermediaries allowing crypto-to-fiat conversions.
The official said in a Friday interview with local financial publication Minfin that Ukraine’s draft bill on digital assets “clearly states” that cryptocurrencies do not comprise legal tender in the nation, only allowing crypto purchases.
Nonetheless, the bill specifies that local payment processors would still have the ability to supply solutions for converting crypto to fiat to make it possible for payments deriving from crypto, specifying:
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 formally legitimize the procedure 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.
The Ministry of Digital Makeover recommended the adoption of an upgraded draft bill “On Virtual Assets” in the second reading in late June. Local e-bank Monobank consequently disclosed plans to launch a debit card facilitating Bitcoin trading.
The news comes quickly after Ukrainian president Volodymyr Zelenskyy authorized another digital currency-related law, described as the law On Payment Services. The law officially allowed Ukraine’s central bank to issue a central bank digital currency, the digital hryvnia.