[Bitcoin Now] Hesitating Around 56 Million Won... Ukraine to Legalize Bitcoin Soon

No Adoption of Bitcoin as Legal Tender Like El Salvador
Passing Legislation to Attract Investment in Cryptocurrency

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin is hovering around 56.4 million KRW. After continuing its upward trend in September, it is showing a somewhat stagnant movement. Meanwhile, the Eastern European country Ukraine is preparing to legalize Bitcoin.

According to the domestic cryptocurrency exchange Upbit, as of 2:36 PM on the 10th, Bitcoin recorded 56.34 million KRW, up 0.80% compared to the previous day. It is slightly recovering, having risen to 56.85 million KRW at 10:41 AM on the same day.

At the beginning of this month, Bitcoin showed a strong trend by rising for six consecutive days. On July 20, Bitcoin fell to 34.82 million KRW, raising concerns among investors, but it has since surpassed the 60 million KRW mark again. This is the first time Bitcoin has recorded the 60 million KRW level since May. However, it has somewhat stalled after a sharp 6.85% drop in a single day on the 7th.

Ukraine is preparing to legalize Bitcoin. According to the US economic media CNBC on the 8th (local time), the Ukrainian parliament unanimously passed a bill to legalize cryptocurrencies including Bitcoin. Once President Volodymyr Zelensky signs it, the Bitcoin legalization bill will be promulgated.

However, Ukraine has not recognized Bitcoin as legal tender like the Central and South American country El Salvador. On the 7th, El Salvador became the first country in the world to start using Bitcoin as legal tender. However, concerns that Bitcoin could be misused for crime and its high volatility have led to growing opposition among El Salvador’s citizens. According to major foreign media, about 1,000 local citizens in San Salvador, the capital of El Salvador, held protests against the introduction of Bitcoin as legal tender. The protests intensified especially when El Salvador’s official electronic wallet ‘Chivo’ was temporarily unavailable for download.

Through the Bitcoin bill, Ukraine is expected to clarify regulations related to cryptocurrencies. According to CNBC, before the bill was passed, Ukrainian security authorities considered cryptocurrencies as fraud and confiscated expensive equipment without legal grounds. The bill includes definitions of key cryptocurrency terms and legal grounds to protect cryptocurrency holders from fraud. Starting next year, Ukraine is expected to open the cryptocurrency market to companies and focus on attracting investment.

This content was produced with the assistance of AI translation services.