An answer to the question ‘Is Bitcoin legal in Ukraine?’ will be given by the end of September. Cabinet ministers from the Ukrainian Government’s Financial Stability Board met last week to thrash out a set of regulations related to cryptocurrency regulation within the country.
High on the agenda was the legality of the world’s most well-known cryptocurrency Bitcoin. The lawmakers are set to deliver their verdict in the coming weeks, local news agency Nv.ua reported.
The Deputy Chairman of the National Bank of Ukraine (NBU) Council Tymofiy Mylovanov explained, “Everyone understands the importance of blockchain and cryptocurrency as innovative technologies, the importance of developing the industry, protecting against illegal actions by various bodies and reasonable regulatory support.”
With the Chairman of the National Securities and Stock Market Commission (NSSMC), Timur Khromaev, further adding, “The question of bitcoins, tokens, blockchains and other tech solutions have already become an integral part of the financial market. Our job is to provide a corresponding legal status for these new financial instruments in the Ukrainian financial market.”
The news was met with a positive reaction. Oleksiy Mushak, People’s Deputy from the Petro Poroshenko Bloc political party posted on his Facebook page that ministers “promised to regulate the status of Bitcoin” and “my impression of the meeting is more positive than fears.”
Olexandr Danchenko, People’s Deputy of the Verkhovna Rada, also seemed satisfied with the outcome by stating, “In the next 3 weeks after which it is possible to hope for a positive signal for the cryptocurrency market.”
Yet, in order to clarify the present status of Bitcoin and other crypto currencies, the National Bank of Ukraine has said the country’s central bank does not recognize Bitcoin or anyone altcoin as currency; however, mining Bitcoin is not illegal.
For all parties concerned this is a positive step in the right direction. Within a few weeks, there will be a definitive answer to the lingering status as to whether Bitcoin is legal in the Ukraine or not.
We will update this story with news of the outcome once the Cabinet of Ministers releases its verdict.