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Ukraine Set To Decide Legality Of Cryptocurrencies In Three Weeks


Ukraine Set To Decide Legality Of Cryptocurrencies In Three Weeks

A meeting carried out in late August 2017 to discuss the legal status of the digital currencies in the country by the Cabinet of Ministers on the Financial Stability Board in Ukraine. The ministers agreed to decide on the issue in three weeks.

The highest body of state executive authority in the country, the Cabinet of Ministers, is under the control of the Ukrainian parliament called the Verkhovna Rada.

According to Olexandr Dancheno, the Parliament’s People’s Deputy, the ministers along with the Finance Ministry, the Verkhovna Rada, the National Bank of Ukraine (NBU), and the Blockchain community will address the issue.

Tymofiy Mylovanov, Deputy Chairman, the NBU Council, stated the people who are a part of the meeting understand the Blockchain and the associated currencies as disruptive yet essential for the development of the industry.

Yakiv Smoliy, acting head NBU, clarified that the central bank's stance, stating it neither recognises Bitcoin nor it bans Bitcoin mining activities. He also explained that the digital coin stands in no definition that bank uses for currencies, money surrogate and electronic money. He further stated that the bank has yet to decide on how it will consider the virtual currency.