Ukraine Government Going Autocratic on Bitcoin

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Ukraine Government Going Autocratic on Bitcoin

ForexMinute.com – The National Bank of Ukraine (NBU) recently revealed their stand on the cryptocurrency Bitcoin, which somewhat turned out to be pretty negative. The regulatory body said that the digital currency fell under the category of scams, and is also used often for conducting illegal activities.

However, NBU didn’t exactly use the word “ban” anywhere in the post. It seemed like the same old warning that has been circulating in the Bitcoin market since its inception, saying how potential it holds as a tool for conducting money laundering, terrorist financing, etc. Conspiracy theorists are further justifying this all-of-a-sudden warning to be influenced by the Russian government recent rulings on Bitcoin.

Experts believe that NBU has published this anti-cryptocurrency post absence mindedly, especially in those times when their economy is in turmoil. The warning signals has left Ukraine with only one currency to use, the government backed Ukrainian Hyrvnia (UAH). And even this asset is losing is value against the US Dollar from over one year.

At that moment, the Ukrainians are left with no choice but to redirect their investments to other tradable assets, like Bitcoin. Reportedly, the cryptocurrency community in the nation has surged impressively within just one year. Ukraine currently also harbors a huge number of kiosks that is mostly used to eat cash to fund bank accounts, pay bills, do mobile recharges, etc. These machines are also providing people the opportunity to buy Bitcoins, while their number is expected to increase to 4,000 amid a predicted increase in Bitcoin popularity.

If NBU plans to overall ban cryptocurrency selling, holding and buying in the future, then it will hugely severe the people itself.

To contact the reporter of the stories: Yashu Gola at yashu@forexminute.com

  • Bjorn

    The only scam there is in UKRAINE itselve , walking there in kiev is like , walking in a dead place, police are scammers, and government are scammers, its a scam in Ukraine but only there. People there have to move outside Ukraine, because that country will be in Putin’s hands. Just watch how they’l take over it.