The Launch of Bitcoin as A Legal Project in Ukraine

One of the most notorious and controversial issues brought to the digital financial market is the legality and support of cryptocurrencies since being digital and without an entity that controls and regulates them makes them the focus of possible fraudulent transactions. You can go for crypto trading and investment by logging into BitQT

Followers have increased significantly, and with this, the amount of money circulating through the blockchain for cryptocurrency exchange operations has increased.

Bitcoin operations are the characteristic that makes its legality doubtful, but this does not imply that cryptocurrencies are not legal since many countries have adopted them as currencies to carry out various transactions.

The situation that causes controversy is that cryptocurrencies are not a currency that should be issued and controlled by a financial entity, such as the Central Banks of each country, because they do not fit the standards of the traditional financial market.

Several countries have even created digital currencies, some with the typical characteristics of digital currencies and others that have innovated by being backed by an asset or mineral resource.

Ukraine Profits After the cryptocurrency war

Challenging and complicated situations; any country going through a contentious situation finds itself in the difficult task of managing finances from a different perspective.

With restrictive measures and where the management of Fiat currencies is even challenging to achieve international commercial operations and, in turn, meet the population’s needs and compensate for the damage caused by the war.

Given the difficult situation and the large amount of material damage that has affected thousands of families, the possibility of receiving donations was opened that would allow those affected to receive help without having to use common money.

Digital currencies surprised the world amid a war crisis, which Ukraine did not hesitate to exploit.

Large sums of money entered the country’s financial accounts but in the form of Bitcoin, where the authorities immediately decided to create the necessary laws for Bitcoin to be a legal tender in the national territory.

The amount that entered the country for cryptocurrency donations reached 100 million dollars.

The new law that to date has already been promulgated by the Ukrainian government refers to virtual assets, where the activities and steps that the various platforms must follow are established, of exchange that intend to carry out operations within the country.

The regulatory bodies for these activities in this Western country are the National Securities Commission and the National Stock Market.

Another point in favor of this regulation is that financial and banking entities can also execute operations with digital currencies.

Rebuilding a country with cryptography

The donations received by Ukraine have been of various cryptocurrencies; it is estimated that more than ten types of them manage to send the funds received to the official wallets of the Ukrainian government.

The impact of these donations has been so significant that a Web Portal has been created where people from anywhere in the world can contribute to reconstructing this country after the painful human and infrastructure losses.

According to the statements of the President of Ukraine himself, the funds received will also be allocated to NGOs and various foundations in favor of citizens.

After this historical fact, it was possible to determine that Ukraine is in fourth place among the countries that use cryptocurrencies the most, where P2P exchanges are in third place.

Although cryptocurrencies are legalized from a certain point, the tax aspect still needs to be evaluated, where tax returns must be adapted to this new type of digital assets that are added to the chart of accounts that must be registered by both companies and individuals who earn income. under the concept of cryptocurrencies.

Conclusion

The advances and spaces occupied by cryptocurrencies in the digital market and now in the traditional financial market show that their global adoption is similar.

That is why it is interesting to evaluate the various legal instruments that exist worldwide and regulate cryptographic operations in a certain way to merge all the positive elements of these laws and achieve the issuance of a global legal document for its regulation.

Users can have greater security without these digital currencies losing their main attractions, such as the fact that they are decentralized.

Many interests arise when it comes to regulations and control; it is there where all financial entities wish to obtain their benefits.