Ukraine legalises Bitcoin!

SHARE:

Ukraine legalises the Bitcoin - an update

SHARE:

Ukraine legalises Bitcoin!

Read more on - Polity | Economy | Schemes | S&T | Environment


    • The story: Ukraine already trades more crypto than fiat currency. Now assets like Bitcoin are officially legal. On Thursday (17th Feb), the Ukrainian parliament passed a bill to legalize cryptocurrency, preparing a framework for the regulation and management of digital assets like Bitcoin. “This will legalize crypto exchangers and cryptocurrencies, and Ukrainians could protect their assets from possible abuse or fraud,” Ukraine Deputy Prime Minister and Minister of Digital Transformation Mykhailo Fedorov announced on Twitter.
    • Key points: Ukraine’s parliament previously passed a law legalizing cryptocurrency last September, but President Volodymyr Zelenskyy vetoed the bill the following month. Zelenskyy said Ukraine couldn’t afford to create a whole new regulatory system for managing crypto.
    1. The new version of the law on virtual assets, which passed parliament Thursday, puts crypto regulation under the oversight of the National Commission on Securities and Stock Market, per Zelenskyy’s suggestion.
    2. Notably, the bill does not recognize Bitcoin or other cryptocurrencies as legal tender. Ukraine has not gone the route of El Salvador, which adopted Bitcoin as an official currency in September last year. But the new law will provide reassurance to businesses operating in what was previously a legal gray area.
    3. “Market participants will receive legal protection and the opportunity to make decisions based on open consultations with government agencies,” Fedorov said in an official statement.
    • What earlier: Despite the previous lack of formal regulation, Ukraine has already developed itself as Europe’s leading hub for crypto industries. Market consultancy Chainalysis ranked Ukraine fourth globally behind Vietnam, India, and Pakistan in its 2021 Global Crypto Adoption Index, which measures the volume and value of crypto traded in a country. Ukraine processes more transactions per day in cryptocurrency than in its fiat currency, the hryvnia. Meanwhile, Ukraine already has a deep talent pool of developers eager to make inroads on blockchain tech. Dutch IT company Daxx put Ukraine as No. 1 for attractiveness in terms of IT outsourcing in 2021 and the best in the world for hiring programmers.
    • Get more investment: Government is hopeful that the new law will attract more foreign investment into Ukraine’s burgeoning crypto market, although fluctuating tensions with the country’s less crypto-friendly neighbor, Russia, might put a damper on capital inflows. On Thursday, media reported mortar shells struck a kindergarten in restive eastern Ukraine, with pro-Russia separatists blaming the strike on Ukrainian forces, and Ukrainian forces pinning blame on pro-Russia separatists.
    • War looming: Besides the threat of war, Russia’s economic heft and its ambivalence toward cryptocurrency might overshadow Ukraine’s openness. Russia remains one of Ukraine’s largest trade partners, and the Russian central bank is developing its own digital currency, while pushing for a ban on cryptocurrency. “Our positive stance on crypto indeed stands in contrast with neighbors where officials propose a ban on the use and mining of cryptocurrencies,” Ukraine Deputy Minister of Digital Transformation Oleksandr Bornyakov told Fortune in January. “I’d like to remind them crypto regulation will work better than a ban.”
    • Summary: These are interesting times, when one compares what India's stand on cryptos is, with that of Ukraine (and El Salvador).
    • EXAM QUESTIONS: (1) Why did Ukraine legalise the bitcoin? Explain the risks involved. (2) What is India's stance on Bitcoin? Why?
                                                                                                                                                  Read more on - Polity | Economy | Schemes | S&T | Environment


                                                                                                                                                  * Content sourced from free internet sources (publications, PIB site, international sites, etc.). Take your own subscriptions. Copyrights acknowledged. 

                                                                                                                                                  COMMENTS

                                                                                                                                                  Name

                                                                                                                                                  01-01-2020,1,04-08-2021,1,05-08-2021,1,06-08-2021,1,28-06-2021,1,Abrahamic religions,6,Afganistan,1,Afghanistan,35,Afghanitan,1,Afghansitan,1,Africa,2,Agri tech,2,Agriculture,149,Ancient and Medieval History,47,Ancient History,3,Ancient sciences,1,April 2020,25,April 2021,22,Architecture and Literature of India,11,Armed forces,1,Art Culture and Literature,1,Art Culture Entertainment,2,Art Culture Languages,3,Art Culture Literature,10,Art Literature Entertainment,1,Artforms and Artists,1,Article 370,1,Arts,11,Athletes and Sportspersons,2,August 2020,24,August 2021,239,August-2021,3,Authorities and Commissions,4,Aviation,3,Awards and Honours,26,Awards and HonoursHuman Rights,1,Banking,1,Banking credit finance,13,Banking-credit-finance,19,Basic of Comprehension,2,Best Editorials,4,Biodiversity,46,Biotechnology,47,Biotechology,1,Centre State relations,19,CentreState relations,1,China,80,Citizenship and immigration,24,Civils Tapasya - English,92,Climage Change,3,Climate and weather,44,Climate change,60,Climate Chantge,1,Colonialism and imperialism,3,Commission and Authorities,1,Commissions and Authorities,27,Constitution and Law,464,Constitution and laws,1,Constitutional and statutory roles,19,Constitutional issues,128,Constitutonal Issues,1,Cooperative,1,Cooperative Federalism,10,Coronavirus variants,7,Corporates,3,Corporates Infrastructure,1,Corporations,1,Corruption and transparency,16,Costitutional issues,1,Covid,104,Covid Pandemic,1,COVID VIRUS NEW STRAIN DEC 2020,1,Crimes against women,15,Crops,10,Cryptocurrencies,2,Cryptocurrency,7,Crytocurrency,1,Currencies,5,Daily Current Affairs,453,Daily MCQ,32,Daily MCQ Practice,573,Daily MCQ Practice - 01-01-2022,1,Daily MCQ Practice - 17-03-2020,1,DCA-CS,286,December 2020,26,Decision Making,2,Defence and Militar,2,Defence and Military,279,Defence forces,9,Demography and Prosperity,36,Demonetisation,2,Destitution and poverty,7,Discoveries and Inventions,8,Discovery and Inventions,1,Disoveries and Inventions,1,Eastern religions,2,Economic & Social Development,2,Economic Bodies,1,Economic treaties,5,Ecosystems,3,Education,119,Education and employment,5,Educational institutions,3,Elections,37,Elections in India,16,Energy,133,Energy laws,3,English Comprehension,3,Entertainment Games and Sport,1,Entertainment Games and Sports,32,Entertainment Games and Sports – Athletes and sportspersons,1,Entrepreneurship and startups,1,Entrepreneurships and startups,1,Enviroment and Ecology,2,Environment and Ecology,228,Environment destruction,1,Environment Ecology and Climage Change,1,Environment Ecology and Climate Change,458,Environment Ecology Climate Change,1,Environment protection,12,Environmental protection,1,Essay paper,643,Ethics and Values,26,EU,27,Europe,1,Europeans in India and important personalities,6,Evolution,4,Facts and Charts,4,Facts and numbers,1,Features of Indian economy,31,February 2020,25,February 2021,23,Federalism,2,Flora and fauna,6,Foreign affairs,507,Foreign exchange,9,Formal and informal economy,13,Fossil fuels,14,Fundamentals of the Indian Economy,10,Games SportsEntertainment,1,GDP GNP PPP etc,12,GDP-GNP PPP etc,1,GDP-GNP-PPP etc,20,Gender inequality,9,Geography,10,Global trade,22,Global treaties,2,Global warming,146,Goverment decisions,4,Governance and Institution,2,Governance and Institutions,771,Governance and Schemes,221,Governane and Institutions,1,Government decisions,226,Government Finances,2,Government Politics,1,Government schemes,356,GS I,93,GS II,66,GS III,38,GS IV,23,GST,8,Habitat destruction,5,Headlines,22,Health and medicine,1,Health and medicine,56,Healtha and Medicine,1,Healthcare,1,Healthcare and Medicine,98,Higher education,12,Hindu individual editorials,54,Hinduism,9,History,216,Honours and Awards,1,Human rights,249,IMF-WB-WTO-WHO-UNSC etc,2,Immigration,6,Immigration and citizenship,1,Important Concepts,68,Important Concepts.UPSC Mains GS III,3,Important Dates,1,Important Days,35,Inda,1,India,29,India Agriculture and related issues,1,India's Constitution,14,India's independence struggle,19,India's international relations,4,India’s international relations,7,Indian Agriculture and related issues,9,Indian and world media,5,Indian Economy,1243,Indian Economy – Banking credit finance,1,Indian Economy – Corporates,1,Indian Economy.GDP-GNP-PPP etc,1,Indian Geography,1,Indian history,33,Indian judiciary,119,Indian Politcs,1,Indian Politics,636,Indian Politics – Post-independence India,1,Indian Polity,1,Indian Polity and Governance,2,Indian Society,1,Indias,1,Indias international affairs,1,Indias international relations,30,Indices and Statistics,98,Indices and Statstics,1,Industries and services,32,Industry and services,1,Inequalities,2,Inequality,103,Inflation,33,Infra projects and financing,6,Infrastructure,251,Infrastruture,1,Institutions,1,Institutions and bodies,267,Institutions and bodies Panchayati Raj,1,Institutionsandbodies,1,Instiutions and Bodies,1,Intelligence and security,1,International Institutions,10,international relations,1,Internet,11,Inventions and discoveries,10,Irrigation Agriculture Crops,1,Issues on Environmental Ecology,3,IT and Computers,23,Italy,1,January 2020,26,January 2021,25,July 2020,5,July 2021,207,June,1,June 2020,45,June 2021,369,June-2021,1,Juridprudence,2,Jurisprudence,91,Jurisprudence Governance and Institutions,1,Land reforms and productivity,15,Latest Current Affairs,1116,Law and order,45,Legislature,1,Logical Reasoning,9,Major events in World History,16,March 2020,24,March 2021,23,Markets,180,Maths Theory Booklet,14,May 2020,24,May 2021,25,Meetings and Summits,27,Mercantilism,1,Military and defence alliances,5,Military technology,8,Miscellaneous,454,Modern History,12,Modern historym,1,Modern technologies,42,Monetary and financial policies,20,monsoon and climate change,1,Myanmar,1,Nanotechnology,2,Nationalism and protectionism,17,Natural disasters,12,New Laws and amendments,57,News media,3,November 2020,22,Nuclear technology,11,Nuclear techology,1,Nuclear weapons,10,October 2020,24,Oil economies,1,Organisations and treaties,1,Organizations and treaties,2,Pakistan,2,Panchayati Raj,1,Pandemic,137,Parks reserves sanctuaries,1,Parliament and Assemblies,18,People and Persoalities,1,People and Persoanalities,2,People and Personalites,1,People and Personalities,183,Personalities,46,Persons and achievements,1,Pillars of science,1,Planning and management,1,Political bodies,2,Political parties and leaders,26,Political philosophies,23,Political treaties,3,Polity,485,Pollution,60,Post independence India,21,Post-Governance in India,17,post-Independence India,46,Post-independent India,1,Poverty,46,Poverty and hunger,1,Prelims,2048,Prelims CSAT,30,Prelims GS I,7,Prelims Paper I,189,Primary and middle education,10,Private bodies,1,Products and innovations,7,Professional sports,1,Protectionism and Nationalism,26,Racism,1,Rainfall,1,Rainfall and Monsoon,5,RBI,71,Reformers,3,Regional conflicts,1,Regional Conflicts,79,Regional Economy,16,Regional leaders,43,Regional leaders.UPSC Mains GS II,1,Regional Politics,149,Regional Politics – Regional leaders,1,Regionalism and nationalism,1,Regulator bodies,1,Regulatory bodies,61,Religion,44,Religion – Hinduism,1,Renewable energy,4,Reports,102,Reports and Rankings,119,Reservations and affirmative,1,Reservations and affirmative action,42,Revolutionaries,1,Rights and duties,12,Roads and Railways,5,Russia,3,schemes,1,Science and Techmology,1,Science and Technlogy,1,Science and Technology,818,Science and Tehcnology,1,Sciene and Technology,1,Scientists and thinkers,1,Separatism and insurgencies,2,September 2020,26,September 2021,444,SociaI Issues,1,Social Issue,2,Social issues,1307,Social media,3,South Asia,10,Space technology,70,Startups and entrepreneurship,1,Statistics,7,Study material,280,Super powers,7,Super-powers,24,TAP 2020-21 Sessions,3,Taxation,39,Taxation and revenues,23,Technology and environmental issues in India,16,Telecom,3,Terroris,1,Terrorism,103,Terrorist organisations and leaders,1,Terrorist acts,10,Terrorist acts and leaders,1,Terrorist organisations and leaders,14,Terrorist organizations and leaders,1,The Hindu editorials analysis,58,Tournaments,1,Tournaments and competitions,5,Trade barriers,3,Trade blocs,2,Treaties and Alliances,1,Treaties and Protocols,42,Trivia and Miscalleneous,1,Trivia and miscellaneous,43,UK,1,UN,114,Union budget,20,United Nations,6,UPSC Mains GS I,583,UPSC Mains GS II,3968,UPSC Mains GS III,3071,UPSC Mains GS IV,191,US,63,USA,2,Warfare,18,World and Indian Geography,24,World Economy,403,World figures,39,World Geography,23,World History,21,World Poilitics,1,World Politics,610,World Politics.UPSC Mains GS II,1,WTO,1,WTO and regional pacts,4,अंतर्राष्ट्रीय संस्थाएं,10,गणित सिद्धान्त पुस्तिका,13,तार्किक कौशल,10,निर्णय क्षमता,2,नैतिकता और मौलिकता,24,प्रौद्योगिकी पर्यावरण मुद्दे,15,बोधगम्यता के मूल तत्व,2,भारत का प्राचीन एवं मध्यकालीन इतिहास,47,भारत का स्वतंत्रता संघर्ष,19,भारत में कला वास्तुकला एवं साहित्य,11,भारत में शासन,18,भारतीय कृषि एवं संबंधित मुद्दें,10,भारतीय संविधान,14,महत्वपूर्ण हस्तियां,6,यूपीएससी मुख्य परीक्षा,90,यूपीएससी मुख्य परीक्षा जीएस,117,यूरोपीय,6,विश्व इतिहास की मुख्य घटनाएं,16,विश्व एवं भारतीय भूगोल,24,स्टडी मटेरियल,265,स्वतंत्रता-पश्चात् भारत,14,
                                                                                                                                                  ltr
                                                                                                                                                  item
                                                                                                                                                  PT's IAS Academy: Ukraine legalises Bitcoin!
                                                                                                                                                  Ukraine legalises Bitcoin!
                                                                                                                                                  Ukraine legalises the Bitcoin - an update
                                                                                                                                                  https://blogger.googleusercontent.com/img/a/AVvXsEi1oxV0khnXagpD4xJ1NDkZrRAreyFrRU3oMgBVBNcZiE27Nef81x4NtJdnJV-LjqkW2QkivWq45cj-xTRFq072HTFq_gIBKZlEnxUTH8LS2mv1k1zmYcJpY6UtFqswrnAki9uDgiWrUeTEUhZuYPe1yVtLji5fFl380j1OLyM9Gyv9ZuRZogRoueMWgA=s16000
                                                                                                                                                  https://blogger.googleusercontent.com/img/a/AVvXsEi1oxV0khnXagpD4xJ1NDkZrRAreyFrRU3oMgBVBNcZiE27Nef81x4NtJdnJV-LjqkW2QkivWq45cj-xTRFq072HTFq_gIBKZlEnxUTH8LS2mv1k1zmYcJpY6UtFqswrnAki9uDgiWrUeTEUhZuYPe1yVtLji5fFl380j1OLyM9Gyv9ZuRZogRoueMWgA=s72-c
                                                                                                                                                  PT's IAS Academy
                                                                                                                                                  https://civils.pteducation.com/2022/02/Ukraine-legalises-Bitcoin-Prelims-UPSCMainsGSIII-Essaypaper-IndianEconomy-WorldEconomy-ScienceandTechnology-Cryptocurrencies-ITandComputers.html
                                                                                                                                                  https://civils.pteducation.com/
                                                                                                                                                  https://civils.pteducation.com/
                                                                                                                                                  https://civils.pteducation.com/2022/02/Ukraine-legalises-Bitcoin-Prelims-UPSCMainsGSIII-Essaypaper-IndianEconomy-WorldEconomy-ScienceandTechnology-Cryptocurrencies-ITandComputers.html
                                                                                                                                                  true
                                                                                                                                                  8166813609053539671
                                                                                                                                                  UTF-8
                                                                                                                                                  Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow TO READ FULL BODHI... Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy