A newly created law guaranteeing cryptocurrency in Ukraine could mean much more than simply allowing citizens to trade cryptocurrencies.
Earlier this week, Ukraine’s president signed a cryptocurrency law creating a framework for digital currencies within the war-torn country, and the move comes as the country’s need for capital increases as it faces growing pressure from the aggressor forces.
The new cryptocurrency law could pave the way for faster and more efficient cash flows in the country, however Ukraine has yet to intervene in crypto like El Salvador did by making Bitcoin an official currency in the country.
It may just be a matter of time, as Ukraine’s Deputy Prime Minister and Minister of Digital Transport Mikhail Fedorov told Tech Crunch, “So we strived to be as crypto-friendly as possible and we continued that effort during the war as well.” .
Under the new digital framework, cryptocurrency platforms like the country’s first Kuna will be able to convert cryptocurrencies into fiat currencies without regulatory issues. Before the new law, Ukrainian cryptocurrency exchanges were limited to digital transfers only.
The newly opened entry and exit procedures will make it easier for citizens, businesses, and government organizations to freely enter and exit digital currencies, adding more liquidity to the flow of capital in and out of the country.
Additionally, Ukraine has partnered with cryptocurrency platform FTX to help convert digital contributions into securities for deposit in the National Bank of Ukraine. An administration run by tech geeks has become an amazing defense against Russia.”
Donations close to $100 million
Deputy Minister for Digital Transformation Alex Bornakov has been pushing crypto donation efforts as digital donations continue to flow in, saying, “We believe this is the new economy, this is the future, and we believe this trend will drive our economy forward.” “.
We can see how powerful #crypto could be, saving lives of civilians and soldiers in 🇺🇦. That’s why each individual shot makes a difference. This is called real freedom. Exactly what we are fighting for.#HelpUkraineWithCrypto https://t.co/Xh0RuZbEMt
— Alex Bornyakov (@abornyakov) March 17, 2022
Everstake, FTX, and Kuna have partnered with the Ukrainian government to launch a donation platform that accepts several different cryptocurrencies, including SOL, DOT, DOGE, ADA, LUNA, and XMR.
Currently, the platform has received $55 million in donations less than five days after its launch on March 14, according to Merkel Science, which calculates digital donations from many sources, including the government, Ukraine’s DAO, ComeBackAlive, Binance and Unchain Ukraine Fund. of $96.6 million has been donated as of March 17.