Just two days ago, Binance, the largest cryptographic exchange in the world, announced on its blog page news that could be of great importance to Bitcoin and its adoption. For example, Binance signed a letter of intent with the Ukrainian Ministry of Digital Transformation. The purpose of this Memorandum of Understanding is to identify the potential legal status of digital assets and currencies in the country.
What exactly lies behind the "partnership" between Binance and the Ukrainian Ministry? Will Bitcoin soon become a currency in Ukraine?
Bitcoin as legal tender in Ukraine?
As in Binance's blog (see source) Crypto-Exchange signed a letter of intent with the Ukrainian Ministry of Digital Transformation. At first, a letter of intent is nothing more than a kind of contractual agreement (more specifically a statement of intent), in which both parties agree to jointly address and implement the objectives set out in the declaration.
As I mentioned in the introduction, both parties to this memorandum of understanding have now agreed to identify "the potential legal status of digital assets and currencies in the country". Before going into more content, let's take a quick look at who or how is the Digital Transformation Department.
The Ukrainian Ministry of Digital Transformation
The ministry is the central institution in Ukraine for digital transformation. In concrete terms, this means that he is responsible for transforming the country into a "modern and digital" state. To do this, the ministry covers a wide range of topics. These range from digitization to e-governance and e-democracy, through open data and digital rights, to areas such as e-commerce and business, the development of e-commerce and e-business. computer industry and the provision of electronic payment options.
In short, everything related to digitization and the Internet has to do with this department. Let's go back to the content.
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Bitcoin as a profiteer of the letter of intent?
It also emerges from the blog article that Binance is helping to develop a transparent and effective mechanism for the transfer of rights to all types of digital assets and currencies. In addition, in the context of blockchain technology, good conditions for investment and enterprise creation need to be created. In short, Ukraine should become a crypto and blockchain-friendly country.
Ukrainian Deputy Prime Minister and Minister of Digital Transformation Mykhailo Fedorov said:
Ukraine is finally in a situation where the executive, the legislature and the market have agreed on the regulation of the Ukrainian cryptocurrency market. At the end of this year, the Ministry of Digital Transformation is planning, with representatives and business representatives, to finalize the work on the relevant bills to be submitted to our Parliament.
Until here, everything is fine. Important, here is the last sentence in which the minister says:
The Ministry intends to create a pleasant and competitive environment for the cryptography industry in Ukraine.
Ukraine ready for Bitcoin and all other cryptocurrencies
We can deduce that Ukraine is ready for Bitcoin and Co. Commenting on the specific letter of intent with Binance, the Deputy Prime Minister said:
By signing the Memorandum of Understanding with Binance, we are opening Ukraine to one of the world's largest crypto-currency markets, allowing Binance to legally begin operations here. With this step, Ukrainian companies and global cryptocurrency companies can operate in an open and transparent way in Ukraine.
The second part, in which it is clear that Binance will probably play a decisive role in the regulation of cryptocurrencies in Ukraine, is also pleasing. So Fedorov said:
In addition, we welcome Binance's willingness to advise us. Binance as a world leader in this area is very useful to us, particularly because we are in the process of formulating a regulatory framework and market conditions.
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Binance General Manager Changpeng Zhao, optimistic
Of course, the CEO of Binance, CZ, welcomed the letter of intent and chose (still) more positive words than the Ukrainian Deputy Prime Minister. So CZ said:
The legalization of cryptocurrencies and the corresponding adoption by progressive legislation are essential factors for a positive development of the Ukrainian economy. In addition, they help attract investment to the country.
After the release of this good news for Bitcoin (and all cryptographic currencies) on November 5th, CZ added a day later. Because – what time – Binance has already unlocked the option to buy on Binance with the Ukrainian national currency, hryvnia (short film in UAH), Bitcoin and Co.
Check it out, #Ukraine! 🇺🇦🇺🇦🇺🇦 https://cryptomonday.de/?r=https%3A%2F%2Ft.co%2FRPcrfyp3iF
– CZ Binance (@cz_binance) November 6, 2019
What do you think of the effect of the agreement protocol of Binance and the Ukrainian Ministry? Do you see the message as positive for Bitcoin?
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