Ukraine Clarifies it’s Position on Cryptocurrencies

Ukraine, through it’s State Financial Monitoring Service have declared their position on issues related to Cryptocurrency.

In a statement published on the SFMS website, on its site, revealed that it was “constantly collecting, analyzing and processing financial information, including crypto-related details. SFMS established virtual currency as, ” a digital representation of value that can be digitally traded and functions as: a medium of exchange, a unit of account, or a store of value which is valid when tendered to a creditor.

The agency went on to state that they are not only on the trail of transactions that are subject to regular observation, but are also on their feet to monitor dubious money flows beyond the compulsory extent.

There are also considerations of insiders regulatory campaigns in that area which will focus on ‘cryptocurrency exchanges’, ‘wallet suppliers’ and ‘intermediaries involving the traditional financial system’ and the ‘crypto ecosphere’ are in view.

Amidst calls for cryptocurencies to be controlled and legalized in Ukraine, Justice Minister Pavel Petrenko stated that government institutions should reply to the occurrence and bring bitcoin into the legal area. Cryptocurrencies have been discussed earlier at a meeting of the National Cybersecurity Coordination Center,

Specialists from the European Bank for Reconstruction and Development have been tipped to be in the process of preparing some other draft which will be ready within the next few weeks. It is expected that the authors will introduce blockchain solutions, and govern ICOs, and that legal definitions will be given to crypto conditions.

Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.

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