Defining Bitcoin or any other cryptocurrency as a legal asset is not as straightforward as some people may think. Various countries around the world are currently in the process of determining the legality of cryptocurrencies in their respective regions. Interestingly enough, the number of countries attempting to ban Bitcoin is pretty small right now. Ukraine is the next country to be voicing a legal definition of Bitcoin. A statement is expected within three weeks’ time.

Bitcoin Could Become Legal in Ukraine

Bitcoin may not necessarily have the best of reputations in Ukraine right now. Several major ransomware attacks were launched from this country, which gave the popular cryptocurrency a bad name. Although Bitcoin occupied a gray area even before those attacks, it does not appear Ukrainian officials had any reason to openly oppose it. With the government scheduled to release its verdict on the legality of cryptocurrency in three weeks, these ransomware issues may have made things a bit more difficult.

Whether or not any of these factors will influence the government’s decision remains to be seen. The Ukrainian Cabinet of Ministers on the Financial Stability Board is now in the process of rendering its decision regarding the legality of cryptocurrency in the country. Considering that the Cabinet of Ministers is the highest body of executive power in the country, its decision will shape the future of Bitcoin and altcoins in Ukraine – and possibly neighboring countries – moving forward. For now, no one knows what we can expect from this decision, and there have not been any outspoken negative comments so far.

Ukraine’s central bank, for its part, remains indecisive regarding Bitcoin for the time being. It has no interest in legalizing Bitcoin, but it is not planning to make it illegal either.

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