National Bank of Ukraine Considers Regulating Digital Currencies

Despite its previous plans to go cashless, Ukraine’s Central Bank has hinted that it may begin regulating the use of cryptocurrencies in the country.

According to the central bank, legal issues involving the use of digital currencies will be tackled at the scheduled Financial Stability Board of Ukraine meeting in late August 2017.

The central bank also announced that discussion about virtual currencies will be the main focus of the meeting. It claimed that the topic is an important one due to the different approaches taken by other countries in defining the digital currencies.

Several Ukrainian agencies will be participating in the discussion, including the Ministry of Finance, the State Fiscal Service, the State Financial Monitoring Service, the National Commission for the State Regulation of Financial Services Markets and the Securities and Stock Market State Commission.

Other developments in the cryptocurrency market in Ukraine

Meanwhile, use of digital currencies in the country continues to climb. This ongoing growth has gotten the attention of law enforcement and regulators.

According to a local media report, the Ukrainian police rounded up several suspects for allegedly setting up 200 Bitcoin mining computers on the campus of state-owned Paton Electric Welding Institute. The suspects were accused of illegally producing a currency and unlawfully using a state property. In Ukraine, it is illegal for anyone other than the central bank to create new currency.


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