Ukraine Government Initiates Adoption of Cryptocurrency Concept

According to a report published by Ukrinformn a local Ukranian news agency, on 26 October, the Ministry of Economy in Ukraine announced a new state policy about cryptocurrencies which aim to make cryptocurrency legalized in the country.

While declaring this new approach, authorities exhibited a framework of their objectives for this arrangement, saying:

“The Economic Development Ministry initiates the adoption of the concept of state policy in the field of virtual assets, the purpose of which is to create understandable conditions for conducting activities in the field of virtual assets and virtual currencies (cryptocurrency),”

They are likewise concentrating on expanding digital currency adoption in Ukraine. In this way, with more transparency in the crypto sector, cryptocurrency and blockchain adoption can be supported and help improve the performance of all companies and individuals that adopt this technology in the country.

To date, Ukraine has been one of the worldwide pioneers in the appropriation of blockchain innovation. They have been drawing in blockchain and digital currency new businesses over the recent years. However, the legislature was not legitimately perceiving cryptocurrency. Since no administrative framework has been built up. This important step legalizing cryptocurrencies will probably draw in more new companies to the country.

What will this new policy look like?

The new policy has been moving in the direction of building up legal terminology identifying cryptocurrencies and blockchain. They expect to set up rules to categorize tokens. Also, they will deal with mining issues and smart contracts.

The full policy aims to be implemented in 2 stages and hopefully will to be fully implemented by 2012.

In September a draft bill was introduced by the parliament imposing a tax of 5% on crypto holdings by individuals or companies. If the bill is approved the corporate and individual income tax will be 18%.

There is also a desire from the National Bank of Ukraine for the creation of a digital currency that is linked directly to the local currency hryvnia. The new cryptocurrency will be controlled by the government like Petro in Venezuela.

Regulation is an issue the crypto world has been dealing with since its creation. While it is a good thing trying to regulate the sector governments should understand the decentralized nature of blockchain. Trying to have control over it will be a total failure, and the best example is Petro Venezuela’s Oil backed coin.

It is time for the separation of Money from the State. And bitcoin is making this possible. Like the Church and State separation in the past was uncomfortable for many even this revolution will be not comfortable for everyone until they get used to it.

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