Ukraine agree to decide on Bitcoin’s Legal Status in 3 Weeks

 

The Ukrainian Cabinet of Ministers on the Financial Stability Board met on Thursday to address the legal status of virtual currencies such as Bitcoin in the country. In particular, they engaged in a debate on the legal status of Bitcoin and other cryptocurrency, which seems to have led to an agreement to decide the matter in three weeks.

The vice president of the NBU Council, Tymofiy Mylovanov, said that everyone understands the importance of blockchain and cryptocurrency as innovative technologies, and the importance of developing industry, providing protection against illegal actions by various bodies and providing reasonable regulatory support.

Timur Khromaev, President of the National Securities and Stock Market Commission (NSSMC), added that Blockchains, Bitcoins and other cryptocurrency are already part of the country’s financial market and that their task is to provide the corresponding legal status of these instruments.

After the meeting, the National Bank of Ukraine (NBU) commented on the current legal status of bitcoin. Yakiv Smoliy (NBU acting head) said during the presentation that the central bank does not recognise or prohibit bitcoin extraction, he also added that bitcoin does not currently fall within any definition the bank has as its currency, but said that in the near future regulators will find a definition for Bitcoin in the framework of the Financial Stability Board.

Yakiv Smoliy (NBU acting head) said during the presentation that the central bank does not recognise or prohibit bitcoin extraction, he also added that bitcoin does not currently fall within any definition the bank has as its currency, but said that in the near future regulators will find a definition for Bitcoin in the framework of the Financial Stability Board.

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2 Responses

  1. Nick says:

    Exciting time, so much is happening in crypto right now

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