You are here

Ukraine says cryptocurrencies too risky to be used officially, Belarus more optimistic

Regulators of the financial market in the National Bank of Ukraine (NBU), National Commission on Securities and Stock Market, National Commission for Regulation of Financial Services Markets (National Financial Service) continue to work on determining the legal status of crypto-currency in Ukraine and warn of high risks of operations with them.

"The complex legal nature of the crypto-currency does not allow us to recognize it either as money, or as currency and as a means of payment of another country, or as currency value, electronic money, securities, or a monetary surrogate," said Oleg Churiy, deputy head of the NBU.

According to him, a working group has been set up today, which continues work on determining the legal status of the crypto currency in Ukraine.

At the same time, Churiy warned that any operations with crypto-currencies, including their purchase, sale, exchange and conversion, involve a large number of risks that individuals and legal entities must realize before conducting such operations.

Ukraine was the first time in the CIS to have drafted a law on the legalization of the turnover of crypto-currencies. State management in the field of crypto currencies is proposed to be entrusted to the National Bank of Ukraine. At the moment, there are three such bills.

Belarus, which has recently got its own cryptocurrency, is more positive about the future of this technology.

For now, as of the end of 2017, there is no legal way to use such currencies in Belarus and the National Bank of Belarus said cryptocurrencies will not be in official use in the near future, but this matter is being actively discussed prior to the long-awaited decree on digitalization of economy (also known as Hi Tech Park decree 2.0).

SEE: First apartment in Belarus on sale for bitcoins

Ukraine pessimistic about cryptocurrencies for now