Volodymyr Zelenskyy, the Ukrainian President, signed Wednesday a regulation that made Bitcoin and Ethereum legal tender in Ukraine. This was due to the fact that more than $100 million worth of crypto donations were made to Ukraine in support of its war effort against Russian invaders.
The information was confirmed by Ukraine’s Ministry and Committee on Digital Transformation, Alex Bornyakov, in an official statement that was also issued on Wednesday. It stated that the regulation allows for improvement in a path to ensure clear oversight and regulatory duties on digital belongings by government companies. It also establishes parameters regarding the possession, classification and authorized standing of various cryptocurrencies.
In addition, the announcement stated that the Ministry of Finance was actively working to amend the Tax and Civil Codes of Ukraine in order to fully launch the digital marketplace.
More than $100 million worth of crypto donations have been made to Ukraine since February 24, when Russia invaded Ukraine unprovokedly. These funds have been used to pay for military supplies and humanitarian needs.
Soon after the attack, digital donations started flooding in. The Nationwide Financial institution of Ukraine announced that it could not issue digital funds within the country’s forex (referred to as “the hryvnia”) and that it could stop money withdrawals from banks. It also could freeze the overseas change fee of the hryvnia.
A Twitter message was posted a week ago by Bornyakov. He stated that cryptocurrency donations were crucial for the country’s conflict resolution and humanitarian efforts.