Ukranian Securities Chairman believes that some cryptocurrencies should be recognized as legal tender.

This past Tuesday, in a speech to the International Organization of Securities Commissions (IOSCO), Ukrainian Securities Chairman Timur Khromaev pronounced that cryptocurrency “will become an indispensable part of economic and financial relations.”

Following the speech, Khromaev took to Facebook, summarizing his speech’s points in a post, writing that “the point of no return” has been surpassed, and that financial leaders in the country must address cryptocurrencies. He continued to write: “I consider it very timely to consider, at the next meeting of the Financial Stability Board, the issue of recognizing some crypto units as a financial instrument, formulating approaches to recognizing activities with them and initiating appropriate legal proceedings.”*

This is not the first time that Ukraine has considered cryptocurrencies. On January 11th, The National Bank of Ukraine posted on Facebook that it was considering creating a digital asset for its own currency, the hryvnia.

It will be interesting to see how Ukraine acts on their clear interest in cryptocurrencies, and which currencies they may recognize in their country. All things considered, any and all positive outlook on cryptocurrency is good for the success of and adoption of the technology.

(*) Denotes that translation was provided by Google Translate.

 

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