Ukraine announced the possible release of its own cryptocurrency

The National Bank of Ukraine is considering the possibility of issuing its own cryptocurrency as stated in a message on the website of the National Security and Defense Council (NSDC) of Ukraine.

During the meeting of the National Coordinating Council of Cybersecurity, NSDC Secretary Alexander Turchinov stated that “the development of the cryptocurrency market cannot remain without the attention of the state”. Following the meeting, the authorities were instructed to create a working group that will work on the development of regulatory and legal proposals on the issue of the Ukrainian cryptocurrency.

The instructions included the definition of the state regulator and the procedure for the functioning of the crypto-currency market, the procedure for monitoring transactions using crypto-currencies and identification of subjects of crypto-currency transactions. In addition, it was entrusted to determine the procedure for taxing revenues from the implementation of crypto-currency transactions in accordance with the requirements of Ukrainian legislation.

The report indicated that the Ukrainian National Bank, the Security Service of Ukraine and the National Police believe that the lack of control over the turnover of cryptocurrency and the anonymity of settlements “create threats to the economy and state security.”

The National Bank  also noted that its own cryptocurrency will create a “national transparent and highly efficient retail payment platform with minimal transaction costs and an almost instantaneous transfer rate.”

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