Weekly crypto roundup: Ukraine legalizes cryptos as Russia pressures build

In today’s edition of Bitmama’s weekly crypto news roundup, we cover interesting developments in the cryptocurrency industry. Top picks – Ukraine legalizes cryptos as Russia’s pressure build, Tesla charging station will accept  DOGE as a means of payment in the future, Mastercard adds crypto consulting service in latest effort to boost cryptocurrency adoption

Let’s get started.

Ukraine legalizes cryptos as Russia pressures build

Ukrainian legislators voted to legalize cryptocurrencies , making it easier to use them in the country as it teeters on the brink of war with Russia.

Verkhovna Rada, the Ukraine Parliament, passed bill no. 3637, or the Law of Ukraine on Virtual Assets on Thursday overwhelmingly with 272 votes, legalizing cryptocurrency in the country of more than 41 million. The bill only required 226 yes votes to pass. 

Mykhailo Federov, Ukraine’s minister of digital transformation tweeted that the move will reduce corruption risks and prevent fraud in the burgeoning exchange of digital currencies. 

The Ukraine bill was the second legalization attempt in five months. In early October, a bill  calling for the creation of a new independent regulatory body to oversee crypto exchanges was vetoed by President Volodymyr Zelensky.

Zelensky said that the creation of a new agency wasn’t in the country’s budget and said the bill should be revised, according to the Kyiv Post. Under Zelenksy’s plan virtual assets will be regulated by the country’s National Securities Commission, the National Bank and the Ministry of Digital Transformation. 

Tesla charging station will accept  DOGE as a means of payment in the future

In a recent tweet, Tesla chief executive, innovator and centibillionaire Elon Musk shared his vision that in the future Tesla charging stations will be able to accept Dogecoin as payment. Musk responded to a tweet by Ryan Zohoury, founder of Tesla Console, who tagged the billionaire in his post about Tesla charging stations that have been recently opened in Santa Monica.

Zohoury tweeted that these stations were full as soon as they opened and posted a photo to confirm his statement.

Musk responded that Tesla plans to also open “a futuristic diner/drive-in theater” in the Hollywood area. People will be able to pay for all that in Dogecoin, according to Musk.

Mastercard adds crypto consulting service in latest effort to boost cryptocurrency adoption

Mastercard announced Tuesday the expansion of its payments-focused consulting service. Among the new practices is one dedicated to “crypto & digital currencies,”

Mastercard’s consulting efforts with banks and merchants cover a range of digital currency capabilities, from early-stage education, risk assessments and bank-wide crypto and NFT strategy development to crypto cards and the design of crypto loyalty programs.

Moreover, the payments company has helped fintechs expand into new markets, working through go-to-market planning and commercialization strategies.

Mastercard began bringing crypto onto its network in February last year. The company is focusing on developing products and services around cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs).

Also read: 3 Best crypto trading strategies you need to know