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Eastern Europe News

Ukraine To Regulate Cryptocurrencies

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The National Bank of Ukraine has indicated it will most likely regulate cryptocurrencies; the details could be released at the Financial Stability Board of Ukraine meeting at the end of August.

Multiple Eastern European and Central Asian countries have embraced blockchain technology for more efficient government and record keeping. However, criminal elements are using Bitcoin and other cryptocurrencies to avoid financial, money laundering laws.

Ukraine recently arrested multiple individuals for setting up a Bitcoin mining operation on public property. It is against the law to create a currency other than the national currency, the Hryvnia, in Ukraine, reported Coindesk.com.

Bitcoin has a total coin availablity of 20 million. Approximately 12 million have been mined. Institutional money is now pouring in as the price has skyrocketed from $1200 to almost $4000 in the last few weeks.

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