Ukraine needs to solve problems that hinder the development of cryptography – cryptocurrency regulation

Mihail Vidyakin, director of the National Bank's Strategy and Reform Department, believes that Ukraine must address the existing problems in the realm of Ukrainian cryptocurrency. Only then, the industry moves forward.

Speaking at the meeting of the National Information Security Coordination Center in Kiev, Vidyakin outlined two factors that prevent the development of the crypt in Ukraine. The first is normative: currently too many agencies are dealing with the issue. The second concerns the Ukrainian law. This last does not contain a clear definition of which digital currency. Thus Vidyakin noted:

"I support the regulation that will promote market development, Fintech is a channel to provide financial services, and banks must be ready for it."

For starters, Vidyakin deems it necessary to reduce the number of regulatory bodies that oversee cryptography. Therefore, suggests to introduce an appropriate regulatory framework to promote innovation.

Ukraine's cryptic appetite is growing

Vidyakin's vision could strike an agreement with many Ukrainians who are opposed to immediate encryption. Mainly because they want to avoid taxation. Most of the encrypted users in Ukraine know how to convert BTC to cash without problems. BTC's ATM or BTC exchanges like this give them such an opportunity. So it is not uncommon to read f ### on the type of comments whenever the government tries to regulate the sector.

However, it is very unlikely that the authorities will leave the sector worth around $ 100 million. After all, in 2017, Ukraine has been included in the top 10 countries in the world with the highest number of cryptocurrency users. Regulators have already begun to devise a regulatory framework that is expected within three years. Even if they take Vidyakin's vision into consideration, they will most likely continue to work on it.

Previously, the Central Election Commission has announced that it is testing the blockchain for the vote and more. In addition, this autumn Andriy Moroz, co-founder of Satoshi Nakamoto Republic and Yuriy Nazarov, coordinator of Kyiv Smart City, presented the statue Satoshi Nakamoto in Kiev.

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