National Bank of Ukraine on Bitcoin

Anton Nesterov komachi@openmailbox.org
Mon Nov 10 08:42:48 PST 2014


"...hryvnia is the only legal tender in Ukraine, adopted by all natural
and legal persons without any restriction on all territory of Ukraine
for the transfer and settlement.

<...>

Issuing and turnover any other currencies [besides hryvnia] and using of
money surrogates for payments is forbidden<...>

Given the above, National Bank of Ukraine considers "virtual
currency/cryptocurrency" Bitcoin as a money surrogate that isn't
providing real value and can not be used by individuals and entities on
the territory of Ukraine for payments, because it is contrary to the
norms of Ukrainian legislation.

<...>

However, the international distribution of such payments attractive for
illegal activities, including money laundering and financing of
terrorist activities.

We emphasize that user is responsible for all the risks in use "virtual
currency/cryptocurrency" Bitcoin. National Bank of Ukraine as a
regulator is not liable for risks and losses associated with use of
"virtual currency/cryptocurrency" Bitcoin.

In order to protect consumers rights and safety of money transfer,
National Bank of Ukraine encourages citizens to use services of only
those payment systems/settlement systems, which included the National
Bank's Registry of payment systems, settlement systems, participants in
these systems and service providers of payment infrastructure."

So it's not says Ukraine bans Bitcoin (some media already published such
statements), it says Bitcoin already illegal in Ukraine, as any currency
besides hryvnia, and says govt isn't responsible for any risks with
using Bitcoin.

Official statement:
http://bank.gov.ua/control/uk/publish/article?art_id=11879608&cat_id=80928
(in Ukrainian)
Law of Ukraine "About National bank of Ukraine":
http://zakon2.rada.gov.ua/laws/show/679-14 (in Ukrainian)

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