Our synopsis
Although, cryptocurrencies were considered illegal or not legal previously, Ukrainians were still among the top adopters of cryptocurrencies in the world. Wonder what made cryptocurrencies such an attraction for the Ukrainians?
The law that was passed today seem to have been motivated by two factors. First the large adoption rate among Ukrainians means the lawmakers would be going against the wishes of the people if they don't legalize cryptocurrencies, which may tantamount to a political suicide. Second, to get Ukraine as a investment destination for foreign crypto investors and be among the first movers in the world to do so.
Another noteworthy point is that the Ukrainian government is working with the Stellar Development Foundation (SDF) to roll out a Central Bank Digital Currency. Unfortunately no reason is given on why SDF was chosen against other contenders. It would have been an interesting fact to be appraised of.
The article also rightly underscores the fact that making Bitcoin legal does not mean that it becomes a legal tender. That is a fine distinction that is worth the mention.
You may access the original article here
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