Economy 2021-10-15T07:35:11+03:00
Ukrainian news
NBU: Bitcoin Crypto Currency Unsafe For Keeping Savings

NBU: Bitcoin Crypto Currency Unsafe For Keeping Savings

NBU, Bitcoin, crypto currency, personal savings

The National Bank of Ukraine considers the Bitcoin crypto currency unsafe for keeping personal savings by the population.

Deputy Director of Strategy and Reforming Department of the NBU Ruslan Kravets said this at an interview for the UATV, Ukrainian News Agency reports.

"Speaking of [Bitcoin] for keeping savings, it is not safe. It is not regulated, exchange rates are vague, and the market is highly volatile," Kravets said.

He also said that Bitcoin was not popular in day-to-day cashless operations due to the time-consuming and complex transaction.

Kravets also reminded that the legal status of crypto currencies in Ukraine was still not defined.

"There is no uniform vision in the world on the understanding of Bitcoin. Some countries attribute crypto currencies to a category of an asset, some treat as a product. Thus different approaches and different methods of taxation of this phenomenon," Kravets said.

The NBU initiated a meeting of the Committee on Financial Stability to discuss the status of Bitcoin in Ukraine.

As Ukrainian News Agency earlier reported, on August 10, the information appeared that the Security Service of Ukraine revealed computer hardware capable of production crypto currency in the territory of state-run Paton Rehabilitation and Health Improvement Facility.

Bitcoin is a peering payment system that uses bitcoins as payment units and a Bitcoin payment protocol for transfer of data.

The system was launched in 2009.

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