Ukraine is considered as an immensely important region for both Bitcoin and cryptocurrency. Although we barely take notice of this Eastern European country, fascinating things are transpiring there. For the moment, the local government is working on some sort of regulation about the current issue. However, it may still take quite a while, a few months or so, until that happens. Two of the most Google-searched words in the country right now are “Bitcoin” and “Mining.” Not totally shocking, considering the country’s access to relatively cheap electricity.
Ukraine is about to play a huge role in the future of cryptocurrency. A good example of this is the fact that there is already a thriving Bitcoin and altcoin community. Moreover, local legislators are now taking steps on introducing regulations for cryptocurrency, which of course is not going to be a walk in the park. At present, the general public is expressing their approval of cryptocurrency in various ways. In 2017 alone, searches for the terms Bitcoin and Mining are unprecedented. This is quite fascinating since many people do not view Ukraine as a top Bitcoin mining hub.
Bitcoin thrives in Ukraine
On the other hand, there is the accessibility to cheap electricity in the country. For anyone planning to put up a Bitcoin or altcoin mining operation, Ukraine is worth exploring. This positive momentum also benefits the local residents, as they can earn a lot from their mining activities. This extra revenue is direly needed since the country is undergoing massive inflation. This predicament has been worsening since 2013 with prices for basic necessities keep going high. Paying 18% more for basic needs like food, compared to one year ago is never a good sign.
As of the moment, it is still quite uncertain whether Ukraine will implement a Bitcoin and altcoins regulation. While the government has every intention of doing so, it is still uncertain if they can successfully do it. There is a very small difference between regulation and innovation. This is particularly true when dealing with cryptocurrencies no matter what part of the world you are. However, there has yet to be an official guideline regarding this matter. Nevertheless, this situation may still change in the coming months. As long as Bitcoin lingers in the gray area, things look relatively positive for the world’s top cryptocurrency.
More particularly, the Ukrainian government has to consider a number of legislative proposals. Although a draft legalizing cryptocurrencies received a positive feedback, nothing is definitely sure. Presenting legal definitions of cryptocurrencies in every possible situation would require a lot of time and effort. It will be entertaining to wait and see how this will conclude in this part of the globe. It is definitely possible Ukraine will set an example for most Eastern European countries regardless of the outcome of this regulatory fiasco.