Bitcoin will soon cash in Ukraine?

In front of just two days, the world’s largest Crypto-Exchange Binance announced on their blog page, a News that could be of great importance for Bitcoin and its Adoption. So Binance signed, together with the Ukrainian Ministry for Digital Transformation, a Declaration of intent. The objective of this MOU is to identify the potential legal status of digital Assets and currencies in the country’?What exactly does the ‘partnership’ between the Binance and the Ukrainian Ministry? Bitcoin will be around soon to the means of payment in the Ukraine?

Bitcoin as legal means of payment in the Ukraine?

As the Blog Post of Binance (see source) it can be seen, the Crypto-Exchange has a Memorandum of understanding with the Ukrainian Ministry for Digital Transformation. A Declaration of intent is nothing other than a kind of contractual agreement (more precisely, a Declaration of intent), in which both parties agree, in the Declaration mentioned together to address and implement said.As I have already mentioned in the introduction, both parties in this Memorandum of understanding now agreed ‘to determine the potential legal status of digital Assets and currencies in the country’. Before we get into more content, let’s take again a look on who or what the Ministry of Digital Transformation is at all.

The Ukrainian Ministry of Digital Transformation

The Ministry is the Central Institution in Ukraine for the digital change. This means that it is responsible to transform the country into a ‘modern digital’ state. To accomplish this, the Ministry has a whole Plethora of topics. These range from digitisation, e-Governance and e-Democracy through Open Data and Digital Rights just to areas such as E-Commerce and Businesses, the development of the IT industry and the deployment of electronic payment options.In short: everything that has to do with the area of digitalization and Internet, running this Ministry. We now return to the content.Trade on the most successful Crypto-exchange. If you’re looking for a reputable point of contact, to act with real crypto currencies, then take a look at our Binance Test 2019! In this article, we have analyzed all the features and benefits of the crypto-exchange in more detail and evaluated. The most the most popular crypto-stock exchange today! Now on Binance sign up.

Bitcoin as a profiteer of the Declaration of intent?

Now Post the Blog in the same way that Binance helps in the development of a transparent and effective mechanism for the Transfer of Rights to any kind of digital Assets and currencies’. Furthermore, in the context of the Blockchain technology, good conditions for Investments and the establishment of companies. In short: Ukraine is a country, which is the crypto and block chain is friendly.The Ukrainian Vice-Premier and Minister for Digital Transformation, Mykhailo Fedorov, said:

The Ukraine is now, finally, a Situation in which the Executive, Legislative, and market on the regulation of the Ukrainian cryptocurrency market have agreed. By the end of this year, the Ministry of Digital Transformation plans, along with deputies and representatives of business enterprises, the Work on the relevant draft legislation complete, they will be presented to our Parliament.

So far, so good. Important, the final sentence, in which the Minister says is this:

The Ministry intends to create a comfortable and competitive environment for the crypto industry in the Ukraine.

Ukraine currencies ready for Bitcoin and all other Crypto

From this we can see that Ukraine is ready for Bitcoin and Co. To said the particular Declaration of intent with Binance of the Deputy Prime Minister is now the following:

By signing the Memorandum of understanding with Binance, we are opening the Ukraine for one of the biggest crypto currency exchanges in the world and Binance here legally, you business start. Thanks to this step, both the Ukrainians as a global crypto-currency can operate under open and transparent in Ukraine.

Also positive is the second section in which it is clear that Binance is likely to have a crucial role in the regulation of crypto-currencies in Ukraine is here. As Fedorov said:

In addition, we welcome the willingness of Binance to advise us. Binance as a world leader in this area is very helpful to us – just because we have a regulatory Framework and the conditions for the market are currently formulate to.

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Binance CEO Changpeng Zhao is optimistic

Binance CEO CZ welcomed the Declaration of intent, of course, and chose the (still) positive words of the Vice Prime Minister of Ukraine act itself. So CZ said:

The legalization of crypto-currencies and the related Adoption by the advanced legislation are key factors for a positive development of the Ukrainian economy. In addition, they help to bring investments in the country.

After these currencies for Bitcoin (and all Crypto) good news on the 05. November was published, it put the CZ a day later, another one. Because – what Timing – right now Binance have the ability unlocked to buy on Binance with the Ukrainian national currency hryvnia (short-UAH) Bitcoin.

What do you think about the effect of the Declaration of intention of the Binance and the Ukrainian Ministry? You see the news as positive for Bitcoin?Come in to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News. (Image Source: Shutterstock)

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.