Ukraine has legalized bitcoin and cryptocurrencies and accepts donations in cryptocurrencies

mar 3, 2022 | min read

Ukraine has legalized bitcoin and cryptocurrencies

At the last reading, the Ukrainian parliament supported an updated draft bill on the legalization of bitcoins and cryptocurrencies.

Bitcoin is now legal in Ukraine, as its parliament passed a draft bill based on a president's recommendation at the last reading. However, the country has not yet made bitcoin legal tender, following the example of El Salvador.

"The new law is another opportunity to develop business in our country. Foreign and Ukrainian crypto companies will be able to operate legally, and Ukrainians will have convenient and secure access to the global market for virtual assets," said Mykhaylo Fedorov, Ukraine's Minister of Digital Transformation.

Influencers are engaging in the metaverse. They want to be paid in bitcoin

Influencers are engaging in the metaverse. They want to be paid in bitcoin

Social media stars can bring more people to play, shop and work in the metaverse in the coming years than the creators of the virtual world themselves. Up to 56 % of American social media influencers are already involved in the metaverse in some way today.

Metaverse growth projections reach billions of dollars, and most social media influencers say they are contributing to a growing virtual world - but according to a recent survey, most of them still have to make money for their efforts.

Metaverse refers to another version of the Internet in which immersive worlds are experienced through virtual reality and augmented reality headphones. Companies, including Facebook's controlling company and software giant Microsoft, are investing money and resources in preparing spaces to attract virtual attendance and advertisers.

At least $ 13.7 million in bitcoins has been donated to Ukraine so far

At least $ 13.7 million in bitcoins has been donated to Ukraine so far

According to cryptocurrency analysts, anonymous donators have granted in cryptocurrencies, such as bitcoin, at least $ 13.7 million to Ukraine's war effort.

Researchers at Elliptic, a company studying blockchain, say the Ukrainian government, NGOs and volunteer groups have raised money by advertising the addresses of their bitcoin wallets.

So far, more than 4,000 donations have been made, with one anonymous donation of $ 3 million in bitcoins to the NGO.

The average gift is $ 95. On Saturday afternoon, the official account of the Ukrainian government published a message on Twitter: "Stand by people of Ukraine. We now accept donations in cryptocurrencies: Bitcoin, Ethereum and USDT."

The Ukrainian government has released two cryptocurrency wallets addresses with a raised sum of $ 5.4 million in bitcoins and other cryptocurrencies just in eight hours.

Martin Kuchár

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