Ukraine drafts a bill on the legalization of cryptocurrencies

posted 8 days ago
The corresponding document is published on the official website of the Verkhovna Rada. Legislators gave definitions to the basic concepts of the sphere of cryptocurrencies, including the very term of the cryptocurrency.

"Cryptocurrency is a program code that is subject to the right of ownership and the subject of the trading contract, information about which is being deposited and stored in the blocking system."

From this it follows that the cryptocurrency is not a legal tender, but can only be the subject of a barter agreement.

"The authors of the bill made one serious mistake. They imposed the regulation of the turnover of the cryptocurrency at the NBU (National Bank of Ukraine), although the National Bank unequivocally stated that the cryptocurrency is not a currency, which means it is beyond its competence", said adviser to the head of the State Agency for Electronic Control Konstantin Yarmolenko on his Facebook page.

In addition, authorities believe that the state needs to know the identity of everyone who conducts cryptocurrency operations on the territory of Ukraine and have data on these operations. Also, the state intends to levy taxes from mining and trading operations.

The draft law notes that violation of the provisions of this law may entail not only civil, administrative, but also criminal liability. The state intends to fully control the industry and tax it, but is not ready to guarantee anything to its participants.

"The state does not guarantee and does not take any measures to ensure the activities of online services for the exchange of crypto currency."
Tags: bitcoin, news