Ukraine has decided to hop on the bandwagon of countries legalizing cryptocurrency use in its country.

The Ukrainian Parliament today voted to adopt a new law that makes cryptocurrency, including Bitcoin, legal and opens the door for crypto exchanges to operate in the country.

Before now, cryptocurrencies in Ukraine have been in a legal gray area; no clear cut-out rules on the legality of the digital currency.

For final approval, the crypto bill, which is now on its way to the desk of the president of Ukraine, Volodymyr Zelensky, will grant banks the legal right to accept crypto business accounts and protect citizens in the event of theft.

In the last 24 hours, bitcoin is up by 1.99%, with a current price of $47,090.81 as at the time of writing this. Within 24 hours, bitcoin dropped to $45,575.20 low and $47,238.65 high. The trading volume of bitcoin in the last 24 hours is $1.23B. The current market capitalization of bitcoin is $872.56B. Currently, $18.81M bitcoins is in circulation.

Stats and Image from Coin Desk

The Ministry of Digital Transformation, which drafted the law in 2019, will be in charge of its implementation as soon as the president signs it.

The Ministry of Digital Transformation is also charged with educating Ukrainians about digital transformations and opportunities and improving online access.

The recent adoption of Bitcoin as legal tender in Ukraine may be having a domino effect on other nations of the world as interest in cryptocurrency seems to have increased. For example, Cuba announced that it now recognizes and regulates cryptocurrencies, while the central banks of Honduras and Guatemala are studying central bank digital currencies CBDCs to see how to adopt them.