According to Ukraine’s local media outlet Ligamedia reports, the government of Ukraine is preparing to legalize digital currency. The move, when it takes place, will play a significant role in giving the nation’s modernization efforts a big boost.
At present, digital currencies are not prohibited in Ukraine. However, they don’t have an official status either. The report disclosed that the country’s Digital Transformation Ministry wants to bring cryptocurrencies out of their present legal gray zone. One of the deputy ministers to be designated with the Ministry, Alexander Bornyakov, confirmed recently that providing crypto with the legal status is included in their list of top goals. Moreover, they are also planning to shift the public registries and documents to a government-managed distributed ledger system.
Throwing more lights, Bornyakov said that people engaged in digital currency should come out of the gray area and begin paying the taxes. He also added that in the future, there is a room for the government to capitalize on the cryptocurrency traders, too, that would eventually end up benefitting the nation. The legalization will be authorized by Minister Mikhail Fedorov, revealed Bornyakov.
As highlighted by the reports, this decision is a part of many such modernization endeavors of the government. In fact, the nation’s Digital Transformation Ministry wants to make it easy to work with the government, similar to how one interacts with any digital service. As Fedorov puts it, interaction with the country’s government should be un-intrusive, comfortable and convenient, like the way one experiences while booking on Uber, Airbnb, or Booking.com.
It is vital to note that Volodymyr Zelensky, the new President of Ukraine, intends to speed up the process of implementing crypto-related policies in the nation. If everything goes as planned, the country may become a blockchain innovation hub in the times ahead.