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Ukraine To Decide On Country’s Legal Status Of Bitcoin

Ukraine To Decide On Country s Legal Status Of Bitcoin

The Ukraine's National Bank of has recently announced that the legal status of the cryptocurrency; specifically, Bitcoin would be decided by the end of August. In a statement released by the deputy chairman Oleg Churiy, the Financial Stability Council (FSC) will decide on the legal status of bitcoin and its regulation by the end of August 2017.

Though the statement specifically singles out Bitcoin, there seems a fair chance that the meeting would include the additional blockchain based digital assets, where the term Bitcoin is used in the wider sense to represent all the other related aspects for government offices.

National Bank of Ukraine has collaborated with many governmental agencies like the State Financial Monitoring Service, the State Fiscal Service, the National Securities and Stock Market Commission, the Ministry of Finance, and the National Commission for the State Regulation of Financial Services Markets regarding the matter.

The government is considering an overall aspect to its digital asset guidance.  The government is considering where all the digital asset serves as currency, grants ownership in a company or provides utility to consumers.

The coming meeting would give out a resolution to the standing of Bitcoin in the country and if not it would at least result in the crucial talks in the very direction. As of now, Ukraine has not shied away from involving in the cryptocurrency. The country will also see 150 bitcoin teller machines by the January of 2018.