Il n'y aura pas de crypto-monnaie en Ukraine

The National Bank of Ukraine commented on Bill 3637. According to experts, as there is no consensus on the nature of assets, Ukraine will not call virtual assets the term "cryptocurrencies"

In December 2020, Ukrainian parliamentarians in the first reading considered the draft law on virtual assets. This document legalises cryptocurrencies in the country. It will soon be considered by the Parliament and adopted by a vote.

Representatives of the regulator today explained some points about the Government policy on digital assets. The main innovation is that Ukrainian officials do not recognise the term "cryptocurrencies."

This term does not correspond to the legal nature of a digital asset. According to the representatives of the National Bank, cryptocurrencies are more complicated than traditional securities and money.

Among the world's major powers, there is also no clear definition of how to name cryptocurrencies. They are called in different ways - an investment asset, a kind of digital securities, a commodity, and a means of payment.

Therefore, Bill 3637 denies the use of the term "cryptocurrencies." Bitcoin, Ethereum and other coins will be considered a type of virtual asset.

It is a set of electronic data and it will have a value and will exist in a special system. More details will be found after the second reading.

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