Mihail Vidyakin, Director of the Department for Strategy and Reform at the National Bank, believes that Ukraine should deal with the existing problems in the Ukrainian cryptocurrency realm. Only then, will the industry move forward.
Speaking at the National Cyber Security Coordination Center’s meeting in Kiev, Vidyakin outlined two factors which impede crypto development in Ukraine. The first one is of a regulatory kind: currently, too many agencies are dealing with the matter. The second one concerns the Ukrainian law. The latter does not contain a clear-cut definition of what digital money. Thus Vidyakin noted:
“I support regulation which will boost the market’s development. Fintech is a channel for providing financial services. And banks need to be Ready for that.”
For a start, Vidyakin believes it is necessary to reduce the number of regulatory bodies overseeing crypto. Then, he suggests introducing an appropriate regulatory framework for fostering innovation.
Ukraine’s crypto appetite is growing
Vidyakin’s view might strike a chord with many Ukrainians who are against immediate crypto regulation. Mainly, because they want to avoid taxation. The majority of crypto users in Ukraine know how to convert BTC into cash without any hassle. BTC ATMs or BTC exchanges such as this one give them such an opportunity. Thus it is not unusual to read f### off type of comments every time the government attempts to regulate the industry.
However, it is very unlikely that the authorities will let go of the industry worth around $100 million. After all, in 2017, Ukraine was listed among the top 10 countries in the world with the highest number of cryptocurrency users. The regulators have already begun devising a regulatory framework which is expected within three years. Even if they take Vidyakin’s view into account, they will most likely continue working on it.
Previously, the Central Electoral Commission announced that it is testing blockchain for voting and more. Also, this fall Andriy Moroz, co-founder of the Satoshi Nakamoto Republic and Yuriy Nazarov, co-ordinator of Kyiv Smart City, presented the Satoshi Nakamoto statue in Kiev.