Reasons For Bounced Back in the Value of Bitcoin and Cryptocurrencies.

    Reasons For Bounced Back in the Value of Bitcoin and Cryptocurrencies. Cryptocurrency has a friend in Eastern Europe.  

What happened

Bitcoin (CRYPTO:BTC):  the grandfather of the digital currency movement, has gained 1% in the last 24 hours, according to data from Coindesk. Other cryptos are XRP (CRYPTO: XRP), a token closely related to Ripple, 1,9% respectively, Dogecoin (CRYPTO:DOGE) 2,3% and Ethereum (CRYPTO:ETH) is up 3,2%.

So what

Cryptocurrency prices, which fell drastically after El Salvador launched Bitcoin as its national currency, showed some rebound on Thursday with better news from Ukraine. In the announcement of the Kyiv Post in Ukraine this morning, President Volodymyr Zelensky approved a bill that will regulate the domestic cryptocurrency market to protect the production, ownership, use and crypto of digital currencies for investment in Ukraine. But it is also noteworthy that the law does not specifically allow the use of cryptocurrencies as legal tender. But it is also noteworthy that the law specifically does not allow the use of cryptocurrencies as legal tender. Only Ukrainian hryvnia can be used for this.

Reasons For Bounced Back in the Value of Bitcoin and Cryptocurrencies.

Current Situation

Also, Ukraine's Minister of Digital Transformation, Mykhailo Fedorov, stated that only a few countries in the world have legalized crypto assets "Germany, Luxembourg, Singapore [and now] Ukraine will be one of them." He argued that Ukraine created "favorable conditions" in the country, encouraging entrepreneurs to register there, and "entrepreneurs will pay taxes to the budget, but they will be protected by the state," he said. According to CNBC, he also announced that Cuba has "passed a law to recognize". Two weeks ago, Panama is working on a cryptocurrency law, and the US took a step in that direction by mentioning crypto in its new $1 trillion infrastructure bill.

Conclusion

Cryptocurrency will become more popular internationally as cash becomes more attractive as countries that decide on cryptocurrency are at least a threat to their own currencies.

 

Source: The Motley Fool

 

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