“Bitcoin” And “Mining” Dominate Google Searches as Ukraine Closes in on Legalisation
Keywords like „Бiткoйн“ (Bitcoin) and „мaйнинг“ (mining) have climbed to the top 5 of the “What is…” category in Google Ukraine’s 2017 Zeitgeist report, local media have announced. Queries like “Why did gas go up?” and “Why do we live?” also feature high up in the list – the country has been dogged by economic woes while fighting a bitter civil war since the “Maidan”. And with Ukrainians anxiously awaiting new legislation to regulate/legalize Bitcoin, “I need a spinner” has also made it to the top of the search engine statistics… Fidget spinners, as we know, have a certain nerve-soothing effect.
Bitcoin Spins Its Way to the Top of Ukraine’s Search QueriesFreedom is taking a toll on Ukraine, both socially and economically, as Kiev steers the boat towards Western ports with its anchor still buried quite close to Russian shores. The country has been reporting unhealthy inflation since the troubles began in 2013. According to the State Statistics Service, consumer prices have increased by 13.6% year-on-year in November (almost 18% for food). Ukrainian GDP growth rate has averaged -0.09% (yes, that’s a minus) for the past seven years, Ukrstat figures show.
Cryptocurrencies present a fresh alternative to the constantly depreciating national currency, the Hryvnia “₴”, as other troubled nations around the world have already discovered. And despite some institutional reluctance, there have been attempts to push through legislation that would legalize and regulate the cryptocurrency ecosphere in Ukraine. Officials hope to attract significant foreign crypto investments to improve the business climate, support the Hryvnia, and increase growth.
Legally, Bitcoin is still in the TwilightWith interest towards cryptocurrencies growing in Ukraine, official Kiev is yet to provide an adequate response to the arising challenges. Currently Bitcoin is neither legal, nor illegal. Its status is still subject to a debate that has been prolonged by the absence of a consolidated government approach. The National Bank of Ukraine has been doing what most central banks in Eastern Europe have – issue strong warnings of the “extremely risky nature” of cryptos that are “definitely not currencies”. Through public statements its representatives have made it clear that Natsbank will follow closely European regulators and the world’s leading central banks to formulate its policy.
Ukrainian media have been wondering whether the bank would do something after regulators in the US accepted bitcoin as a commodity and allowed futures trading. But in the meantime their colleagues in Kiev have narrowed down the alternatives: “They’ve already said that cryptocurrencies are neither digital money, nor securities. Commodities have not been mentioned but they’ve talked about financial assets,” technology entrepreneur and cryptographer Pavel Kravchenko said, quoted by 24 Kanal.
A couple of months ago, though, Ukraine became the first country in the post-Soviet space to draft dedicated legislation to legalize cryptocurrencies and regulate possession, trade, payments and other transactions. No less than three bills have been making their way through Ukrainian parliament since October, as the official website of the legislature shows.
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https://news.bitcoin.com/bitcoin-and-mining-dominate-google-searches-as-ukraine-closes-in-on-legalisation/
