Ukraine’s Finance Minister Says Cryptocurrencies Will Not Be Banned

News and Analysis

Ukraine’s finance minister Oleksandr Danyliuk insists cryptocurrencies will not be banned in the country even though its legal status is yet to be determined.

Earlier this week Mr. Danyliuk took part in the Annual Meetings of the International Monetary Fund and the World Bank Group with financial technologies being one of the key talking points of the event.

“There are many open questions, and the status of cryptocurrency in Ukraine is not legally determined, but it doesn’t mean that cryptocurrency is banned. Ukraine will keep on looking into the global trends not to lose its chance of using technological innovations in finance,” he wrote on Facebook.

According to Mr. Danyliuk, the participants in the Annual Meetings regarded the cryptocurrency as a challenge, not a problem, and agreed on the need to take a common stand.

The minister also reminded that the future regulatory framework will take into account opinions of both regulators and experts. According to Danyliuk, this issue is also relevant for the Ukrainian government and the National Bank.

“In Ukraine, we are also working with the NBU and other financial market regulators and experts to better research the nature of the cryptocurrency and to work out a stand regarding the appropriate regulation in Ukraine,” he added.

The National Bank of Ukraine earlier issued a statement that, while cryptocurrency lacks a legal status, its mining does not violate any laws.

Earlier this month, two bills on cryptocurrency regulation were registered with Ukraine’s parliament, the Verkhovna Rada.

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