Ukrainian Central Banker: Bitcoin Is ‘Definitely Not a Currency’

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Ukrainedoes not acknowledge bitcoin as a currency or as a cash, an authorities at the nation’s reserve bank has actually stated.

“We can say that this is definitely not a currency, because there is no central issuer. And we cannot recognize this as a means of payment,”stated OlegChuriy, deputy head of the National Bank of Ukraine, inning accordance with a report Friday by the Ukrainian site Financial Club, as equated by Google.

Echoingrecentcomments by senior monetary services executives in the United States, the Ukrainian central lender explained bitcoin as a dangerous financial investment for customers and a automobile for scams. But he minimized any systemic issues about bitcoin and its brethren.

“World regulators are not concerned with any threat of cryptocurrency because of their small volume,”Churiystated at the Ukranian FinancialForum “They are concerned only with the fact that people can lose money [by investing in them] . And fraud that can be [committed] with them.”

TheUkrainian reserve bank has actually been warning about the risks of bitcoin for numerous years, and last month it suggested it might quickly regulate using cryptocurrencies.

Yetat the exact same time, Ukraine’s federal government has actually just recently been evaluating the distributed-ledger innovation that bitcoin motivated, in a unique usage case: auctioning seized assets.

Bitcoinhas actually even figured in Ukrainian politics over the last few years, with separatists and other political dissidents utilizing the permissionless, borderless system to raise and move funds.

Imageof monolith in Kiev by Shutterstock.

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