Ukraine Looking to Be Next Country to Make Bitcoin Legal Tender
After it legalized cryptocurrency in a near-unanimous vote last week, Ukraine might be taking things a step further by making Bitcoin (BTC) legal tender.
If this will happen, Bitcoin would then have the same status as the Ukrainian hryvnia and paying for everyday things with BTC in the former Soviet country would become reality.
Ukraine’s president Zelensky, who is a vocal Bitcoin evangelist, has already instructed his ministers to transform Ukraine into a crypto-friendly nation. Latest reports reveal that the president has sent a delegation to El Salvador to see how the country has dealt with their milestone transition. El Salvador made history as the first nation to make Bitcoin legal tender last week.
According to Ukrainian professor Vyacheslav Evgenyev, the Zelensky is looking to implement a dual currency system featuring both Bitcoin and the hryvnia by the beginning of 2023. He does not rule out the possibility of Bitcoin being the dominant currency of the two.
An obvious choice with resistance
Evgenyev further says that Bitcoin and Ukraine are a “natural fit.” The people are ready for “financial revolution” and given the country’s history of turmoil, nothing less is expected.
With the animosity between Ukraine and Russia, Evgenyev said Bitcoin could be aiding to step away from “Russia’s overbearing influence.”
“It has a young population eager to move out of the shadow of its noisy neighbour and shake off the financial chains which have restrained it for so many years.”
Among many similarities between Ukraine and El Salvador, including a great desire for financial change, President Zelensky and President Bukele have also developed close personal relations.
“They have been in constant discussion – sharing ideas, plans and thoughts on the future financial positions of their nations.”
Bitcoin’s path to legal tender in El Salvador hasn’t been smooth. From the moment the ‘Bitcoin Law’ was passed, IMF and World Bank, showed resistance. In the weeks leading to September 7, #BitcoinDay, traditional mainstream media around the world took part in what can be considered some sort of smear-campaign against El Salvador president, Nayib Bukele, portraying him as a totalitarian leader.
While there may be some bugs in the early days in El Salvador, they are easily overcome in time. The country’s adoption of Bitcoin as legal tender so far can only be seen as a huge success and breakthrough.
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Author: Peter Siu