Ukraine may soon legalize bitcoin - media

15:58, 01 September 2015
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The National Bank of Ukraine (NBU) is looking into the possibilities of implementing Bitcoin’s technology into the financial system according to Ukraine’s Bitcoin Foundation (BFU), following a meeting of NBU and BFU representatives this month.

NBU / Photo from UNIAN

“Right now, the National Bank is trying to come to terms with the existence of such a currency, which doesn’t have an emission center or single owner, and understand how to work with it moving forward,” explained BFU Board of Directors member, Oleksandr Momot, reports.

According to sources, the biggest interest for the regulator may be the blockchain, or the technological backbone of Bitcoin, which uses cryptography to secure a publicly viewable ledger of all of transactions conducted within the network.

Kuna Bitcoin Agency founder Michael Chobanian noted: “Ukraine became the third country in the world after the UK and Canada, where the central bank decided to study the prospects of cryptocurrency in developing new financial technologies. This will ensure that we maintain our current leading position in the world of Bitcoin.”

Read alsoNBU cuts official exchange rate by 62 kopiykasHe also added that the NBU's director of the payment systems department Natalia Lapko and director of detail payments Sergiy Shatsky are expected to speak at theBitcoin conference in Kyiv on September 24.

“There is understanding that this technology is here to stay and it is the future,” added Chobanian. “There is no point controlling it and they can only create conditions where businesses can develop.”

Read alsoFinance minister speaks in favor of casinos, bookmaking in UkraineBack on May 27, a draft of Ukraine’s own BitLicense was introduced by Chobanian at an extended board session before the NBU. The initial reception has been described as “surprisingly positive” by the country’s Central Bank and financial sector, while the draft in its current form would create a self-regulating organization (SRO) that would issue licenses to businesses dealing in cryptocurrencies.

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