Cryptocurrency in Ukraine not banned by law – finance minister

According to the Ukrainian finance minister, the new financial technology has become one of the meetings' key issues, seen as a challenge for traditional markets and regulators.

"There remain plenty of open questions. The status of cryptocurrency in Ukraine is not defined by law, while this doesn't mean that cryptocurrency is prohibited. Ukraine should monitor global trends and not lose its chance to use new technologies and innovations in the financial sector," Danyliuk said.

Read alsoUkraine cannot reach consensus on cryptocurrency – Central Bank explains whyThe minister recalled that the government together with the National Bank and other financial market regulators with the involvement of experts is working to explore the nature of cryptocurrency and form a position on the appropriate regulation in Ukraine.

Bitcoin is one of the most popular alternatives to traditional currencies. It is often called cryptocurrency or virtual currency.

To date, there are over 1,100 cryptocurrencies in the world with the market capitalization worth US$133 billion.