An official from the Central Bank of Ukraine has claimed that the country doesn’t acknowledge bitcoin as a currency or medium of trade.

According to Oleg Churiy, Deputy head of the National Bank Of Ukraine, “We can say that this is not a currency because there is no central issuer. And we cannot recognise this as a means of payment”.

The banker further described bitcoin as a risky investment for its consumers while further alleging the digital asset like a vehicle for fraud but, toned down regarding general concerns about bitcoin or any cryptocurrency.

He further pointed out that world leaders don’t consider cryptocurrencies as a threat because of its small volume rather they fear for the people who are investing in it and can lose money and the crimes/frauds that can be committed with them.

The central bank in the country has been warning people against the virtual currency for years, and last month it indicated that soon the cryptocurrencies would be regulated.