The National Bank offered its insights into Bitcoin in Ukraine. Cryptocurrency

The National Bank offered its insights into Bitcoin in Ukraine. Cryptocurrency

The National Bank has expressed its stance on Bitcoin in Ukraine: it cannot be recognized neither as a currency, nor as a method of payment.

The NBU points out that Bitcoin has no central issuer, so it cannot be deemed as a currency. It also contains no features of a payment instrument. On top of that, the National Bank sees fraud risks in cryptocurrencies. This opinion was supported by top officials of the National Securities and Stock Market Commission, taking complete lack of protection of the crypto-investor’s rights into account.

So far, the position of financial regulators is outlined by the comments of officials only. However, it is quite possible the matter of cryptocurrency will be considered more carefully on a legislative level as well.