Last week, Ukraine passed the cryptocurrency in a near-unanimous vote. The former Soviet bloc republic appears to be taking a step forward with the introduction of legal bitcoin.
Legal tender refers to a legally recognized means of exchange for settling a debt or fulfilling a financial obligation. In other words, if Bitcoin is activated, it will have the same status as the Ukrainian hryvnia, which means that paying for everyday things with BTC will be possible.
El Salvador made history as the first sovereign country to offer legal tender for Bitcoin Dollars last week. However, the start-up was not without a hitch – something the Ukrainian delegates are well aware of.
Ukraine wants to reinvent itself as a crypto Mecca
Ukrainian President Zelensky is reported to have sent a team to El Salvador on a fact-finding mission to help with his plans to adopt cryptocurrency.
Cryptocurrency has become something of a political soccer ball for President Zelensky, and judging by a unanimous vote last week to legalize it, it is a currency that his fellow politicians support.
According to Professor Vyacheslav Evgenev, the president hopes to introduce a two-currency system comprising both bitcoin and the hryvnia by the beginning of 2023. He even raises the possibility of pushing bitcoin as the dominant currency between the two.
Yevgenyev said that Bitcoin and Ukraine “fit in naturally.” He added that his fellow countrymen were ready for a “financial revolution”. Given the country’s turbulent history, people expect even turmoil.
The words come in reference to the frosty relationship between Ukraine and Russia. Yevgenyev said bitcoin could be the driving force to move away from Russia’s “arrogant influence”.
“It has a young population that is eager to step out of its troublesome neighbor’s shadow and break free from the financial chains that have tied it up for so many years.”
With much in common between Ukraine and El Salvador, including a great desire for financial change, President Zelensky and President Bukele forged a close personal relationship.
“They have been in constant discussion – exchanging ideas, plans, ideas about the future financial positions of their countries.”
El Salvador Has Bitcoin Hurdles
As much as bitcoin is held as the great financial equivalent, its path to legal tender in El Salvador has not been smooth. far from it.
The most prominent uprising came from the International Monetary Fund and the World Bank, which expressed their opposition to the move.
There have also been protests with the public calling for cancellation based on the view that cryptocurrency is not for workers.
All of these things culminated in the Chivo wallet app crashing on launch day. President Bukele He took to Twitter to say that the servers can’t handle the traffic.
“For a few moments it won’t workTweet embed, we separated it as the capacity of the image capture servers increased. The installation issues some people had was because of this. We prefer to patch it before rewiring it.”
However, a week later, there are reports that the app is still buggy and sometimes unusable.
With that in mind, President Zelensky stopped his business. But on the plus side, with more than a year on, and being able to benefit from the experiences of El Salvador, bitcoin as legal tender in Ukraine may be a more fully polished case.
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