National Bank of Ukraine does not recognize the Bitcoin virtual cryptocurrency

On November 10, on its official Facebook page, the National Bank of Ukraine released an explanation of its position on the well-known cryptocurrency Bitcoin . The National Bank reports that it is the only organization authorized to issue cash in Ukraine, and therefore Bitcoin is a “money surrogate” (a word borrowed from the Central Bank of Russia), and it cannot be used by individuals and legal entities as a means of payment in Ukraine .

Also, the statement mentions the usual horror stories about the instability of the currency, the absence of the center responsible for its release, its use for money laundering and the financing of terrorism. At the end, the National Bank unequivocally declares that it will not be responsible for the possible risks of those persons who will perform operations with the said currency.

It is not yet known whether any laws will be enacted prohibiting operations with Bitcoin, as Russian officials intend to do . It is also unclear whether it is possible to conduct operations with Bitcoin not as with a currency, but as with a digital product.

Well, it is great that all other problems have been solved in fraternal Ukraine, and now officials are already paying attention to such exotic issues as cryptocurrency. It is interesting that, as far as I know, neither the Russian nor the Ukrainian legislation has a definition of the term “monetary surrogate”. In addition, the presence of a center responsible for issuing money or providing guarantees for transfers and payments, in fact, does not give you any guarantee at all - most of us remember defaults and numerous closures of various banks. Well, let alone in money laundering and terrorist financing not a single means of payment has surpassed the good old cash.
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About Bitcoin started talking quite recently, when its course on the Internet exchanges has reached significant values. The course began to grow in 2011, in 2013 the rate reached its maximum of almost $ 1,000, then after the introduction of the ban on bitcoin operations for legal entities in China, it fell heavily. At the time of writing, the article exchange rate on the BTC-E exchange is $ 380 for 1 BTC.

In the countries of the post-Soviet space, where the old-time officials try to control everything as tightly as possible, Bitcoin has traditionally been an undesirable phenomenon. In developed countries, this currency is usually calmer. Most countries have somehow somehow refined their legislation and, in general, reacted positively to cryptocurrency.

For example, in Germany she was given the definition of "private money", with which it is possible to carry out non-cash transactions. In Croatia, the currency was allowed, but clarified that it is not a legal means of payment in the sense that organizations are not obliged to accept it for payment. In China, legal entities are prohibited from carrying out currency operations, but individuals can use it without restriction, albeit at their own risk. In the USA, bitcoin is considered a virtual currency and has already developed taxation principles for transactions with it. In Bulgaria, the government also developed taxation for this currency. In Spain and Canada, the first ATMs appeared, where you can exchange Bitcoin for local currency using a regular credit card.