Ukraine Issues Clarification on Legal Status of Bitcoin

The national bank of Ukraine, has issued an announcement about the policies overlaying digital currencies like Bitcoin, in addition to the legal status of the digital currencies. The move was made by the central bank of Ukraine following the arrest of numerous people for allegedly mining Bitcoin illegally within the second week of August.

Throughout a raid at the state-owned Paton electric Welding Institute within the Ukraine’s capital of Kiev, the Ukrainian national Police has found two hundred computer systems that were installed in an unused swimming pool within the institute’s campus for Bitcoin mining.


In its statement, the national bank of Ukraine clarified that there’s just one currency this is being used in Ukraine and this is the hryvnia. No other currency or alternative currency may be issued or used as a way of payment within the Ukraine aside from hryvnia.

The national bank of Ukraine claimed that the status of Bitcoin within the Ukraine is complicated by the absence of a consolidated effort to classify and control the digital currency around the world as it is considering bettering regulating digital currencies.

The national bank of Ukraine stated:

“In different nations, Bitcoin is classified in special methods as digital currency, cash surrogate, intangible value, virtual property and so on. For its part, the national bank of Ukraine has not formally supported any of the above definitions.”


Numerous lawyers have contradicted the position statement issued by the national bank of Ukraine. They claimed that digital currency mining is lawful inside the nation.

The regulation company Yuskutum dealing with collaboration of Artem Afyan, engaging in digital currency mining within the Ukraine is actually legal:

“The arguments of the national bank that the digital currency is an unsecured ‘money surrogate’ are just a caution. It does not suggest prohibition of their use.”


Leave a Reply

Your email address will not be published. Required fields are marked *