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Ukraine could soon become the second country to adopt Bitcoin as legal tender

Ukraine's President Volodymyr Zelensky
Ukraine's President Volodymyr Zelensky
Following El Salvador's example, Ukraine is gearing up to transition to a fully digitized economy and deem Bitcoin as legal tender. The ex-Soviet country may also focus on Bitcoin mining using its clean and sustainable nuclear power sources.
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El Salvador is the first country to use Bitcoin as legal tender, and there already are a few other countries that intend to adopt a similar path. Paraguay could be the next country to follow El Salvador’s example, while Argentina, Brazil and Panama also seem interested in at least creating a favorable legal framework for cryptocurrencies. Notice that all these countries are from Latin America, but there actually are other regions of the world preparing for the cryptocurrency revolution. Ukraine, for instance, recently passed a bill that legalizes and regulates Bitcoin. This bill was drafted almost a year ago and gained the support of 276 out of the country’s 282 lawmakers.

Nasdaq.com notes that the Ukrainian population appears to be dissatisfied with the current monetary system that relies on the hryvnia fiat currency, so a digital currency overhaul could help revitalize the economy. Ukraine certainly looks like an ideal place for clean and sustainable Bitcoin mining, since the country is producing almost half of its electric power needs through 15 nuclear reactors. These can easily be expanded to support Bitcoin mining, and the Ukrainian government could become a strong support node for the whole mining network. If holding is not an option for the Ukrainian government, it can easily sell the mined Bitcoin in order to boost the national GDP. Furthermore, as an ex-soviet country, Ukraine is also looking to distance itself from Russia’s overreaching influences, so it is now trying to obtain the needed nuclear fuels from non-Russian sources like the U.S.

Ukraine’s President Volodymyr Zelensky recently met with IT industry specialists in Silicon Valley to forge a path for Bitcoin adoption, which should happen sooner rather than later, as Bitcoin seems to offer great incentives for early adopters, as well as put an end to the constant inflation. Of course, the transition to a fully digitized economy would not happen overnight. Ukraine would still rely on its fiat currency for some time, but the government would combine this with a strong Bitcoin treasury reserve and an extensive plan to mine Bitcoin via nuclear power.

We might soon see a race for Bitcoin adoption among many developing countries as governments start to understand the true benefits that Bitcoin brings to a global digitized economy.

 

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Bogdan Solca
Bogdan Solca - Senior Tech Writer - 1632 articles published on Notebookcheck since 2017
I first stepped into the wondrous IT&C world when I was around seven years old. I was instantly fascinated by computerized graphics, whether they were from games or 3D applications like 3D Max. I'm also an avid reader of science fiction, an astrophysics aficionado, and a crypto geek. I started writing PC-related articles for Softpedia and a few blogs back in 2006. I joined the Notebookcheck team in the summer of 2017 and am currently a senior tech writer mostly covering processor, GPU, and laptop news.
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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2021 09 > Ukraine could soon become the second country to adopt Bitcoin as legal tender
Bogdan Solca, 2021-09-16 (Update: 2021-09-16)