Ukraine Legalizes Use of Cryptocurrencies Amid War With Russia

the cryptocurrencies played a vital role in the war Ukraine and today, the country has reached an important legal milestone. The Ministry of Digital Transformation of this country a d the legalization of the sector, so now exchanges of foreign and Ukrainian cryptocurrencies are allowed.

The State Secretariat assured that Ukraine is making progress in developing the market for virtual assets. The new law, signed by President Volodymyr Zelensky, will allow the opening of accounts in banking institutions for cryptocurrency companies.

Although Ukraine has already considered the cryptocurrencies as a key element of economic development of the country, the invasion of Russia increased its importance. From the beginning of the war, the government organized a campaign to receive donations in Bitcoin, Ethereum and USDT.

Zelensky and Deputy Prime Minister Mykhailo Fedorov sent posts via Twitter and Telegram asking for support from the West. The response was immediate and within days donations topped $59 million.