The legal status of cryptocurrencies remains a mixed bag of regulatory positions, depending on the jurisdiction being considered. While some countries move toward blanket prohibitions or stringent regulations, others elect to go with a more open approach to crypto.
For Ukraine, the latter path appears to be the case, with the government encouraging legalized crypto operations within the country. Ukraine’s seemingly positive stance on cryptocurrencies also stands in stark contrast with neighboring Russia where officials are enacting regulatory roadblocks against the ownership and use of digital currencies.
While Ukraine enacts laws to recognize and regulate crypto, the country’s central bank is also working on its own national digital currency. Central bank digital currency (CBDC) projects have become quite popular across the globe, often as a response to the proliferation of cryptocurrencies.
