Source: iStock/pawel.gaul
While Russian President Vladimir Putin has ordered a full-scale invasion of Ukraine and Bitcoin (BTC) could play a role on both sides of the conflict, Ukraine is apparently better prepared to embrace the nascent currency technology.
As a reminder, in October 2021, crypto analytics firm Chainalysis, in its Global Crypto Adoption Index 2021, ranked Ukraine fourth, above many countries including the United States and Russia.
Furthermore, in a report from late 2021, The New York Times claimed that Ukraine processes more cryptocurrency transactions per day than its fiat currency on interbank exchanges. The report details that around €150 million worth of cryptocurrency is traded daily, while around €8 billion worth of cryptocurrency enters and leaves the country each year.
And this month, the Ukrainian parliament legalized crypto assets, allowing crypto exchanges to operate legally and providing crypto assets with protection. In addition, related amendments to the tax code and the civil code are being prepared.
At the same time, Russia is also trying to legalize crypto assets, introducing multiple restrictions for crypto investors.
Meanwhile, data from Google Trends shows that interest in "bitcoin" has risen a bit over the past day in Ukraine after rising earlier in the day: