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The National Bank of Ukraine considers the use of cryptocurrencies as a threat

05.10.2021 - 09:55 Michael Golikov Michael Golikov

Kirill Shevchenko, the head of the regulator, shared his concerns about this.

What's new? The head of the National Bank of Ukraine, Kirill Shevchenko, gave an interview to the LB portal, in which he explained his concerns regarding the adoption and use of cryptocurrencies on the territory of the country.

News source on the LB website

What is the reason for the concerns? According to Kirill Shevchenko, digital assets can be widely used by Ukrainians for money laundering. The main risk in this case is the transformation of the country into a global laundry.

The head of the regulator once again stressed out that cryptocurrencies are not a means of payment and cannot be used to purchase goods or services now. As aforementioned, on September 8, the Verkhovna Rada of Ukraine adopted the law "On virtual assets" in the second reading. The document is intended to regulate transactions with cryptocurrencies on the territory of the state.

However, only after the adoption by the Ukrainian Parliament of amendments to the Tax Code concerning the taxation of transactions with virtual assets, will the law come into effect. A preliminary draft of such a document is currently under deputies’ consideration.