Ukraine to Develop a Cryptocurrency Bill

News and Analysis

Ukraine’s parliamentary committee on financial policy and banking has started developing a bill that would regulate cryptocurrency turnover.

The committee’s head Sergei Rybalka wrote on Facebook:

“We started working on a cryptocurrency bill in our parliamentary committee. They are gaining traction all over the world.”

Notably, deputy head of Ukraine’s National Bank Oleg Churiy recently said that the regulator does not consider bitcoin and other cryptocurrencies a currency.

Nevertheless, Sergei Rybalka insists that cryptocurrency regulation is required for both development of financial technologies and investment attraction. Mr. Rybalka also noted that cryptocurrencies have no real value aside from speculative demand.

“Our experience with failed banks and Ponzi schemes obliges us to think of protecting consumer interests. There is a danger of mass deception. The committee meeting was attended by representatives for the National Bank, the ministry of finance, cryptocurrency market players, and experts. We’re gathering opinions and proposals to write the bill,” Mr. Rybalka wrote.

Back in September, Ukrainian parliament member Alexei Mushak stated that bitcoin’s legal status may be determined in three weeks’ time.

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