[2017-10-11] Is that end of cryptocurrencies in Ukraine?

[DowBit]

On 6 October 2017, the Ukrainian Parliament (Verkhovna Rada) received a proposal of a law to regulate cryptocurrency-related issues (mentions had already appeared before). The Act authorises the Central Bank of Ukraine to regulate cryptocurrencies.

Advisor to the head of Ukraine’s State Agency for E-Governance, Konstantin Yarmolenko, thinks lawmakers missed important issues:

    “The lawmakers have made one dramatic mistake. They made the National Bank responsible for regulation of cryptocurrencies, even though the regulator itself has stated on numerous occasions that cryptocurrency is not a currency, and therefore, is not a part of its jurisdiction.”

https://dowbit.com/ukraine-is-working-on-a-law-prohibiting-the-use-of-cryptocurrencies/

[SvenBomvolen]

There is no word of how exactly they plan to regulate it. Is it going to be banned just like in China and Russia or what?

   “The lawmakers have made one dramatic mistake. They made the National Bank responsible for regulation of cryptocurrencies, even though the regulator itself has stated on numerous occasions that cryptocurrency is not a currency, and therefore, is not a part of its jurisdiction.”

Crypto-currencies are currencies, that's why they called so but that's really not the part of jurisdiction due to crypto-currencies, such as Bitcoin, are not centralized.

[Marry Finch]

In Ukraine, most of the laws are taken lightly and inconsistently. Is it any wonder that the National Bank of Ukraine is appointed to regulate the crypto currency in the country, although indeed, according to the generally recognized rules of the crypto currency, it is not a currency in the classical sense of the term but represents a new era of the digital currency.

[alva 666]

laws are hard in Ukraine so if this news right it is end of cryptocurrencies

[hatshepsut93]

This article is either a FUD or written by someone who didn't read the proposed law. The proposed law is very positive towards cryptocurrencies, it is stated that cryptocurrencies can't and shouldn't be banned because it's not true that they are only used by criminals. Authors see a great potential for Ukrainian economy with the use of cryptocurrencies and blockchain technology. The law itself is very short so it's obvious that it requires some additional work, but the key points are:

1. Mining is allowed, miners can mine whatever they want, they have to pay taxes on their profit.

2. Cryptocurrency can be used as money to buy goods and services or exchanged for other currencies.

3. All users of cryptocurrency are solely responsible for their safety.

4. Cryptocurrency exchanges must follow KYC policies and pay taxes.

So, when it was said that National Bank was tasked with regulating cryptocurrencies, it means that it will acting with accordance to this law and not do whatever they please.