NSDC: NBU Studying Possibility Of Issuing Its Own Cryptocurrency

The National Bank of Ukraine is considering whether it is appropriate to issue its own cryptocurrency.

The press service of the Ukrainian National Security and Defense Council (NSDC) announced this in a statement, the Ukrainian News Agency reports.

According to NSDC Secretary Oleksandr Turchynov, the development of the cryptocurrency market cannot remain without government attention.

In addition, according to the statement, the National Bank of Ukraine is considering the appropriateness of issuing its own cryptocurrency.

The National Cyber Security Coordinating Center has instructed the relevant government agencies to set up a working group including representatives of the National Bank of Ukraine, the Ministry of Finance, the National Securities and Stock Market Commission, the Security Service of Ukraine, the National Police, the State Financial Monitoring Service, the State Fiscal Service, and the State Special Communications and Information Protection to draft legislative proposals on this issue.

They were also instructed to determine the state regulator and procedures for the operations of the cryptocurrency market, the procedure for monitoring cryptocurrency transactions and identifying subjects of cryptocurrency transactions, and procedures for taxing revenues from cryptocurrency operations in accordance with the requirements of the Ukrainian legislation.

As Ukrainian News Agency earlier reported, the National Bank of Ukraine, the National Securities and the Stock Market Commission, and the National Commission for Regulating Financial Services Markets do not recognize cryptocurrencies as a means of payment, a monetary surrogate, or an asset.

Five members of the parliament have proposed that the parliament designate the National Bank of Ukraine as the regulator of the cryptocurrency market in Ukraine.