Ukraine Central Bank Believes Bitcoin Isn’t A Currency Nor A Payment Instrument

September 25, 2017 1:51 pm Published by

The deputy head of the Ukraine’s Central Bank said Monday the National Bank of Ukraine (NBU) will not recognize cryptocurrencies like bitcoin as currencies, reported.

Oleg Chury, speaking at the Ukrainian Financial Forum when he announced unlike in Japan, cryptocurrencies will not be recognized as a legal method of payment in Ukraine, the report said.

“We can say that this is definitely not a currency,” Chury said, “because there is no central issuer. And we cannot recognize this as a means of payment.”

Decentralized cryptocurrencies, he added, aren’t seen as a threat to central banks while claiming that they are susceptible to fraud, reported.

Echoing statements by JP Morgan chief executive and noted bitcoin critic Jamie Dinon, Chury said “World regulators are not concerned with any threat of crypto currency because of their small volume, they are only concerned with the fact that people can lose money due to fraud (by investing in them).”

Dimon has frequently stated “the bigger [cryptocurrencies] get, the more governments are going to close them down,” the report said.

In November 2015, Dimon said bitcoin “is like 2 billion or 3 billion” dollars and compared it to JP Morgan which he claimed ‘moves 6 trillion dollars a day,’ the report said.

“So, you’ve got to [put it in perspective],” reported Dimon said.

The total market cap of all mined bitcoins is currently worth over $62 billion, the report said. If bitcoin were summed up as an M1 metric (narrow money or liquid money supply), it would rank at #46 on the global list between Israel and the Philippines, according to data from the CIA.

Chury’s comments come at a time when the NBU revealed it was working toward developing a definitive framework for the legality and regulatory future of cryptocurrencies in the country, the report said., Jack Durschlag

Have your say:

Your email address will not be published. Required fields are marked *