Ukrainian government now accepts Bitcoin and Ethereum as legal tender

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Ukraine’s president signed the bill yesterday, he had vetoed a similar bill in September 2021.


Key points

  • On Wednesday, Ukrainian President Volodymyr Zelenskyy signed a bill that makes Bitcoin and Ethereum legal tender in that country.
  • This decision was triggered by the fact that more than $100 million in crypto donations were made to help Ukraine’s war effort against Russian invaders.
  • Last September, President Zelenskyy rejected a similar legislative proposal and now becomes the second country in the world to adopt crypto as legal tender – joining El Salvador which made the decision last September.

On Wednesday, Ukrainian President Volodymyr Zelenskyy signed a bill that makes Bitcoin and Ethereum legal tender in the country. This decision was triggered by the fact that more than $100 million in crypto donations were made to help Ukraine’s war effort against Russian invaders.

Ukraine’s Digital Transformation Ministry and Committee confirmed the news in their official statement, also released on Wednesday, saying the law helps develop a way forward to establish clear oversight and regulatory responsibilities of digital assets by government agencies. . It also sets parameters regarding the ownership, classification, and legal status of various cryptocurrencies.

The announcement further stated that its Ministry of Finance was actively working to amend Ukraine’s tax and civil codes to “fully launch the market for virtual assets.”

Crypto Helped Ukraine Fight Russian Invaders and Help Displaced Citizens

Since Russia launched its unprovoked invasion of Ukraine on February 24, more than $100 million in crypto donations have been made directly to Ukraine to pay for military supplies and war-related humanitarian needs.

Digital donations started pouring in shortly after the attack, when the National Bank of Ukraine announced that it would no longer issue electronic funds in the country’s currency – called hryvnia – and would limit cash withdrawals. cash in banks, as well as freeze them the exchange rate of the hryvnia.

In one Twitter post released on Friday, March 11, Ukrainian Deputy Minister of Digital Transformation Alex Bornyakov said cryptocurrency donations have been essential to his war and humanitarian efforts.

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“Crypto-assets have proven extremely useful in facilitating the flow of funding to the Armed Forces of Ukraine. Many thanks to everyone who has donated to the Crypto Fund of Ukraine. Every helmet and vest purchased through crypto donations currently saves life of Ukrainian soldiers,” the tweet read.

In this tweet, Bornyakov also indicated exactly what the funds have been spent on so far:

  • 5,500 bulletproof vests
  • 410,000 packed lunches
  • 500 ballistic plates for bulletproof vests
  • 3,125 thermal and optical imagers
  • 500 helmets
  • 3,427 drugs
  • 60 walkie-talkies

Last September, President Zelenskyy rejected a similar legislative proposal to legalize cryptocurrencies. Ukraine now becomes the second country in the world to adopt crypto as legal tender, joining El Salvador which made the decision to accept Bitcoin as legal tender last September.

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