KIEV: As cryptocurrencies are becoming more popular and widespread, many governments worldwide are introducing regulatory frameworks for digital currencies and exchanges. In 2017 the whole cryptocurrency market experienced an explosive growth rate which drew a lot of attention from governments and financial institutions.
According to a recent statement by the National Security and Defense Council of Ukraine, the National Bank of Ukraine urged the government to implement proper regulatory measures for cryptocurrencies in Ukraine. The National Bank of Ukraine is mainly concerned by the fact that cryptocurrencies can be used for criminal activities like drug and weapons trafficking. The statement mentions that a working group will be launched, which will consist of representatives of the National Bank of Ukraine. Many countries have already experimented with the idea of creating fiat-based cryptocurrencies. A couple of weeks ago EU officials denied the possibility that the Eurozone would introduce its own cryptocurrency. Russia and Venezuela already started experimenting with their own fiat-based cryptocurrencies. The statement by the NSDCU also mentions that the National Bank of Ukraine is considering to create its own cryptocurrency. Analysts believe that Ukraine’s own cryptocurrency would aim to curb the popularity of Bitcoin and altcoins in Ukraine and give authorities and regulators more financial control.
