Cryptocurrency Regulation by Ukraine

 

REGULATING CRYPTOCURRENCIES

Many governments worldwide are introducing regulatory frameworks for digital currencies and exchanges, as cryptocurrencies are becoming more popular and widespread. The entire cryptocurrency market experienced an explosive growth rate in 2017, drawing a lot of attention from governments and financial institutions.

The Ukraine National Security and Defense Council’s recent statement says that the National Bank of Ukraine urged the government to regulate cryptocurrencies in Ukraine. However, the Ukraine’s National Bank has a concern that cryptocurrencies can be used for criminal activities like drug and weapons trafficking. A working group will be launched consisting of representatives of the National Bank of Ukraine, Ministry of Finance and various other security agencies in order to create such a regulatory framework. Also law agencies will give  more access dealing with cryptocurrencies and digital assets.

UKRAINE’S OWN CRYPTOCURRENCY

The experiment of creating fiat-based cryptocurrencies have already experimented by many countries. A few weeks ago EU authorities denied the fact that the Eurozone would introduce its own cryptocurrency. Russia and Venezuela already started experimenting with their own fiat-based cryptocurrencies. According to the statement the idea of creating own cryptocurrency is being considered by the National Bank of Ukraine.

The country’s own cryptocurrency would aim to curb the popularity of Bitcoin and altcoins in Ukraine and give authorities and regulators more financial control. The Ukraine authorities also will be able to take taxes from any income received through mining or cryptocurrency trading.

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