Ukraine to Decide on the Status of Cryptocurrencies

The Ukrainian Cabinet of Ministers at the Financial Stability Board held a meeting in late August to discuss the legal status of virtual currencies such as Bitcoin in the country.. The ministers agreed to decide on this issue in three weeks.

In Ukraine, the cabinet of ministers is seen as the highest executive authority of the state.. The Cabinet is subordinate to the Ukrainian parliament named Verkhovna Rada.

According to Oleksandr Danchenko, one of the deputies of this assembly, the ministers will try to solve the current problem, including the Ministry of Finance, the National Bank of Ukraine (UUB), Verkhovna Rada and Blockchain.

Other Comments on the Meeting

According to Tymofiy Mylovanov, Deputy Chairman of the UUB Board, the attendees are aware of the importance of blockchain and cryptocurrency technologies.. In addition to these, they also understand the importance of developing the industry, supporting reasonable legal regulations and preventing illegal uses.

Meanwhile, the Chairman of the National Securities and Exchange Commission (UMKBK) Timur Khromaev,blockchain, Bitcoin, tokens and similar technological solutions are already part of the country’s financial market and their task is to produce a suitable legal case for these technologies.

However, the head of the UUB Yakiv Smoliy said that the central bank neither recognizes Bitcoin nor prohibits Bitcoin mining operations.. The President also said that cryptocurrencies do not fit any of the definitions of the central bank, such as “currency, electronic money”, and that he has not yet made a decision on virtual currencies.

Smoliy also said that regulatory authorities will in the very near future find a definition for Bitcoin that does not contradict the Financial Stability Board.

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