Ukraine is a very important region for Bitcoin and cryptocurrency. Although we hardly hear anything from this part of the world, interesting things are taking place. For the time being, the local government is working on some form of regulation. It may take a few more months until that happens, though. Two popular Google search terms in the country include Bitcoin and Mining. Not entirely surprising, given the country’s access to relatively cheap electricity.
Ukraine will play a big role in the future of cryptocurrency. More specifically, there is a thriving Bitcoin and altcoin community as we speak. Additionally, local legislators are working on introducing cryptocurrency regulation, which will not be all that easy. For now, the general population is showing their appreciation for cryptocurrency in different ways. This year alone, searches for Bitcoin and Mining have skyrocketed. That is pretty interesting, considering most people don’t see Ukraine as a major Bitcoin mining hub.
Bitcoin Continues to Thrive in Ukraine
Then again, there is access to cheap electricity in the country. For anyone looking to set up a Bitcoin or altcoin mining operation, this country is well worth checking out. Local residents also benefit from this positive momentum, as they can make a lot of money from their mining efforts. This extra income is direly needed, as the country suffers from massive inflation. This trend has been growing worse since 2013 and prices for necessities keep skyrocketing. Paying 18% more for food compared to one year ago is never a positive sign.
For now, it remains to be seen if Ukraine will regulate Bitcoin and altcoins. While the government plans to do so, it remains to be seen if they can do so successfully. There’s a fine line between regulation and innovation. This is especially true when it comes to cryptocurrencies in any part of the world. There is no official guideline in this regard just yet. However, that may come to change in coming months. As long as Bitcoin remains a gray area, things look rather positive for the world’s leading cryptocurrency
More specifically, the Ukrainian government has to weigh in a few different legislative proposals. Although a draft to legalize cryptocurrencies was received quite well, it has not been set in stone just yet. Providing legal definitions of cryptocurrencies in every possible scenario require a lot of time and effort. It will be interesting to see how all of this plays out in this part of the world. It is certainly possible Ukraine will set a precedent for most of Eastern Europe, regardless of the outcome of this regulatory debacle.
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