The Paypers

The authors of the new strategy want to see half of Ukrainians using digital currencies by 2024. The East European nation is expected to regulate its crypto space by the end of 2021. The plan has been presented by officials from the Ministry of Digital Transformation, other government institutions and representatives of the private sector.

The roadmap envisages various regulatory, educational, and infrastructural activities. Participants in the initiative have already established several working groups to achieve a set of goals. One of the key areas they intend to focus efforts on is the introduction of a relevant legal terminology and the adoption of necessary by-laws.

To do that, however, Ukraine must first adopt comprehensive legislation to govern its crypto industry. A draft law ‘On Virtual Assets’ was voted through at the first reading in the Ukrainian parliament in December 2020. Since then, the bill which aims to regulate cryptocurrency transactions in the country has been revised and in June 2021 the parliamentary Committee on Digital Transformation recommended its final adoption.

Ukraine plans for crypto integration by 2024