Bitcoin may soon be legalized in Ukraine

By Daniel Zo Bitcoin, Ukraine, BFU, Blockchain

Ever since the civil war started and Russia invaded Crimea, Ukraine has been in a constant crisis, which reshaped the country, the government and its laws, while also greatly changing the region and slowly transforming it into a different land.

So far, there have been few countries affected by economical disasters, which begun looking into the possibility of adopting Bitcoin. Some examples include Greece and Zimbabwe, but it’s like that Ukraine might join the ship as well. According to the latest reports, it looks like Ukraine may soon legalize Bitcoin and look for ways to promote the digital currency in the region. With this in mind, the National Bank of Ukraine, also known as the NBU is looking into the possibilities of implementing the bitcoin technology into the country’s financial system.

The source of these claims is Ukraine’s Bitcoin Foundation (BFU), which met with the National Bank representatives on August 19 to discuss Bitcoin technology, and take a look at it from a regulatory standpoint. The idea was to create legislative framework that would promote the currency, but also control possible acts of corruption and criminal activity that could be sponsored using its anonymous payment system. Interestingly enough, it seems like the Director of the Payment System Department, Natalia Lapko was the person who organized this meeting following a request from the BFU. While she claims that her department has a good understanding of the Bitcoin technology and its benefits, she also stated that the other departments need to be familiarized with the Blockchain technology.

The main difficulty in this matter is that the National Bank should come to terms with the idea that such a currency exists and is thriving, regardless of the fact that it does not have an emission centre, or an actual owner. However, it may not be Bitcoin which is getting all the love from the Ukrainian authorities, but rather the system powering it up- the Blockchain. Not only does it have the power to simplify the world’s financial system, but the fact that it provides a secure and publicly viewable ledger of all transactions that are being carried out on the network could help Ukraine battle the strong corruption surrounding it, while also giving people a better way to make their payments. Let’s not forget the point out that the Blockchain is already being considered by many banks and institutions throughout the world, as it provides a platform that will made the traditional methods of accounting obsolete.

During the meeting, a long presentation outlining what Bitcoin is, how it works and the potential of the Blockchain technology was shown, which hailed the meeting as a success, while also encouraging further discussions about the digital currency and the Blockchain.

In fact, it has also been noted that Natalia Lapko and a few other important members of the Ukrainian financial market will speak at the Bitcoin Conference in Kiev over on September 24. Chances are that legislative framework will be offered to the public at the event, as an effort to educate the masses about Bitcoin.

Based on everything that has been outlined so far, what do you think about the support that the Ukrainian banks are showing towards Bitcoin? Will the currency be voted as legal in the country? Let us know your thoughts.