Inspired by El Salvador, a queue of countries are now forging ahead with crypto legalization. ✨
First is Ukraine, which recently adopted a bill legalizing and regulating all virtual financial assets, including cryptocurrency.
Cryptocurrencies in Ukraine have long been in a gray area. It was neither legal nor forbidden, due to a lack of laws and regulations. The new law passed on Wednesday does not make Bitcoin or any other cryptocurrency legal tender, but it does allow the country to regulate digital currency.
The new legislation also spells out certain protections against fraud for those who own Bitcoin and other cryptocurrencies. The country even plans to open the cryptocurrency market to businesses and investors by 2022, as per Kyiv Post.
Panama could be the next country to regulate crypto. The day after El Salvador adopted Bitcoin, Panama’s Congress introduced a bill proposing to use Bitcoin and Ethereum as currency. The bill also explained why crypto adoption would be beneficial for the country. Panamanian Congressman Gabriel Silva, who introduced the bill in a tweet, said the bill had the potential to create jobs, attract investment, and foster greater government transparency.
Cuba and Paraguay are both also working on bills in their respective countries to legalize digital assets. 💰 💰
It underscores that crypto is clearly not just an economic issue, but a political one as well. As more global governments start acknowledging the power of cryptocurrencies, who knows where crypto will go. 📈 🚀