Bitcoin is Definitely Not a Currency, says a National Bank of Ukraine Executive

Oleg Churiy, Deputy Head of the National Bank of Ukraine, said Bitcoin cannot be recognized as a means of payment.

According to a report on the club financial, the deputy head of the Ukrainian National Bank, Oleg Churi said that the country does not recognize KFH as a currency or a valid exchange medium.

"We can say that this is certainly not a currency, because we do not create a central source, and we can not recognize it as a means of payment," the agency quoted him as saying.

Oleg Chori's comments pointed to the distrust of the Ukrainian National Bank in the world's leading hidden currency, especially when it comes to protecting investors and how it can facilitate criminal activities because of lack of government oversight and control.

However, regulatory authorities around the world have not considered cryptokernics a threat due to its low volume and limited use.

"The global regulators are not interested in any threat from the encrypted currency

because of their small size,
and they only care that people can lose money and invest in fraud," he said.

At the August 31 meeting to monitor financial stability, it was decided that the use of cryptocernes in Ukraine will be brought under the regulations.

The chairman of the National Securities and Stock Exchange Commission, Timur Khumayev, who also supported the views of Oleg Chori, said in this regard:

"The task of protecting investors' rights is, in principle, fundamental to us,

and we must ensure transparency of information, help neutralize the risks associated with the circulation of these instruments, and prevent violations such as price manipulation or internal trading or the creation of pyramids. Petcovers, these components involve very complex, including technological developments. "

As the growth of cryptocernes this year, governments around the world are looking at regulatory frameworks to protect investors and also bring the encryption market under a kind of control.

Also recently we have seen the Japanese Financial Services Agency announce plans to bring the cryptoelectric exchange under increasing scrutiny.

Interestingly, despite these comments, the Ukrainian Ministry of Justice earlier this month ran a solar-powered auction of seized assets in an effort to fight corruption.

It is clear that the potential benefits of pluchen technology have become universally accepted. However, financial applications are far from perfect, and we may see more regulatory developments down the road this year.