Crypto payments will be allowed in Ukraine, according to the deputy minister of Ukraine’s Ministry of Digital Transformation, in the same way as payments based on the US currency would be.
Despite the fact that cryptocurrencies like Bitcoin (BTC) are not recognised as legal tender in Ukraine, a new cryptocurrency-related bill will allow payments in them, according to a government official.
Oleksandr Bornyakov, deputy minister of Ukraine’s Ministry of Digital Transformation, believes that “paying with cryptocurrencies” through payment intermediaries that facilitate crypto-to-fiat conversions would be “quite legal” in Ukraine.
According to the source, Ukraine’s draught bill on virtual assets “clearly states” that cryptocurrencies are not legal cash in the country, allowing only crypto purchases.
The bill does, however, state that local payment processors will be able to provide services for converting crypto to fiat in order to facilitate crypto-based payments, 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.”
The next bill, according to Bornyakov, will officially legitimate the process of bitcoin trading and reporting. “We anticipate a whole market of intermediary services for cryptocurrencies as a means of payment, storage, and exchange. This will broaden the scope of their application,” he added.
The Ministry of Digital Transformation proposed adoption of a modified draught bill “On Virtual Assets” at the second reading in late June, as previously reported by Cointelegraph. Monobank, a local e-bank, later announced plans to launch a debit card with Bitcoin trading capabilities.
The announcement comes only days after Ukrainian President Volodymyr Zelensky signed yet another digital currency-related law, the Payment Services Law. The law made it legal for Ukraine’s central bank to issue a digital currency known as the digital hryvnia.
