Cryptocurrencies, from the moment it was introduced, received a polarized reception. While certain countries were against the notion of decentralized currency, other nations seemed to welcome it with open arms – including Ukraine.
The country has always shown an appreciation towards cryptocurrency and all the technology that comes with it. The government is also willing to nurture further growth in the field. In attempts to provide it with a legal foothold, the Ukrainian Government has legalized cryptocurrency mining.
The country’s Ministry of Economy has been pushing hard for the plan to pass, and it might become law soon. If this happens, cryptocurrency mining will be treated as an economic activity by the government of Ukraine. It will be a big step forward for the cryptocurrency world as a whole. With all the negativity shrouding the industry, some positive news is more than welcome.
Once cryptocurrency is seen as a legitimate economic activity, it will also become subject to taxation laws as well. Maybe this is the broader motive behind the country to pursue the action. However, all economic activities are taxed, and in that regard, there should be no reason why crypto-mining should get biased treatment.
Anyhow, the mining activity has always been a part of the shadow economy. Bring it out in the open will help the country earn more “budget revenues.” Also, people will be less concerned about the legal issues involving digital assets and might start mining themselves, which will be beneficial for the industry.
Regardless, there is no reason to get our hopes up right now. Yes, it is true that the country has been preferential to the digital currencies, but that doesn’t incentivize us to get enthusiastic, as much work is involved in the legalization procedure. But, one day sooner or later cryptocurrency will get legalized for the betterment of all concerned parties, and Ukraine is betting on sooner rather than later.
As of current state of matters, Japan is the only country which has legalized the decentralized currency.