In August 2017, the National Bank of Ukraine made an official statement on cryptocurrencies. Ukraine's central bank pointed out that only the country's official currency could be used for payments. Then the bank mulled creating a digital version of Ukraine's official currency, the hryvnia, in January 2018. Like most countries, Ukraine hasn't made a formal declaration or law to solidify its stance on cryptocurrencies.
That entire situation could change in the coming months for the Ukraine, though.
The Ukrainian National Securities and Stock Market Commission (SSMCS) controls financial instruments within the country. Currently, Timur Khromaev leads the commission and recently made positive statements about cryptocurrencies. He mentioned the SSMCS will reevaluate cryptocurrencies' status and whether to consider them as financial instruments. Khromaev pointed toward a decision sometime before the end of 2018.
Why The Reassessment Is Being Considered
According to Khromaev, cryptocurrencies have undergone major developments since 2015. Many cryptocurrencies have developed to the point of being secure and fleshed out. He mentioned that SSMCS realizes these facts and cannot ignore cryptocurrencies. Instead of judging currencies based on physical or digital status, Khromaev wants to judge cryptocurrencies on their merits. From there, he points out they include many merits.
A National Standard For Ukraine and Ukraine Only
When the SSMCS makes its decision, it will only provide national standards for Ukraine. For now, Khromaev understands that international standards for cryptocurrencies doesn't make sense. Far too many countries are still trying to figure out how to treat these assets, and an international standard would cause more harm than good. Regardless of what happens, the commissioner notes that more regulation will be necessary here. Will Official Recognition Open The Door In Other Countries?
Official recognition as a financial instrument would be huge for cryptocurrencies. In the Ukraine, cryptocurrencies remain quite popular but can't be used for payments. Changing these assets to financial instruments would open new doors for Ukrainians. The move could lead to even bigger changes across the globe related to cryptocurrencies. Of course, cryptocurrencies must pass the first hurdle with the SSMCS later this year.