Crypto bill in Ukraine to allow payments in cryptocurrency, says official

The Ministry of Digital Transformation’s Deputy minister believes crypto payment in Ukraine is likely to be payments deriving from the U.S. dollar.

Crypto bill in Ukraine to allow payments in cryptocurrency, says official

Despite the crypto as not  legal tender, the government officially claimed  the New Crypto bill in Ukraine enables users to make payments in cryptocurrencies like Bitcoin.

Ukraine 's  Deputy minister Oleksandr Bornyakov is confident that it would be “quite legal to pay with cryptocurrencies” in Ukraine through payment intermediaries that enable crypto-to-fiat conversions.

According to reports, the official said in a previous interview with minfin, a local financial publication that Draft bill of ukraine on cryptocurrency “clearly said” that cryptocurrencies are not legal tender in Ukraine, government only allows crypto purchases

However, the bill stipulates that local payment processors would still be able to provide services for converting crypto to fiat to enable payments deriving from crypto, stating:

“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.”

Oleksandr also noted that the upcoming bill will officially legitimize the process 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,” Minister added.

According to previous reports The Ministry of Digital Transformation recommended the adoption of an updated draft bill “On Virtual Assets” in the second reading in late June. Local e-bank Monobank subsequently disclosed plans to launch a debit card featuring Bitcoin trading.

The news comes shortly after Ukrainian President Volodymyr Zelensky signed another digital currency-related law, referred to as the law On Payment Services. The law officially enabled Ukraine’s central bank to issue a central bank digital currency, the digital hryvnia.

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