Ukraine seeks action on cryptocurrency regulation

16 Jan 18

Ukraine is looking for ways to regulate cryptocurrencies amid concerns of growing national security risk.

According to statement from the National Security and Defense Council of Ukraine, the National Bank of Ukraine has urged the government to implement proper regulatory measures for the digital currency.

The bank has raised concerns that cryptocurrencies may be used for criminal activities like drug and weapon trafficking.

Security council secretary Oleksandr Turchynov said during a meeting of the National Cybersecurity Coordination Center that the development of the cryptocurrencies market could not be ignored.

He said the removing the state from the issue “poses a threat to the economy and security of the state”.

“Given the rapid development of cryptocurrencies in the world, this issue cannot be left out of the state’s attention,” he added.

The centre instructed relevant authorities to set up a working group with the participation of representatives from official bodies such as the National Bank of Ukraine, the Ministry of Finance, the National Securities and Stock Market Commission of Ukraine, and the State Fiscal Service of Ukraine.

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