Ukraine issues clarification on Bitcoin's legal status

The central bank of Ukraine, the National Bank of Ukraine or NBU, has issued a statement on the regulations covering digital coins such as Bitcoin, as well as the legal status of the criptomonedas.

The move was made by the central bank after the arrest of several people for alleged illegal mining of Bitcoin during the second week of August 2017.

During an incursion at the Paton Institute of Electrical Welding in the capital of Kiev, the National Police of Ukraine has found 200 computers that were installed in an unused pool on the campus of the Bitcoin mining institute.

The position of the NBU in the currency crypts
In his statement, the NBU clarified that there is only one currency that is used in Ukraine and that is the hryvnia. No other currency than the hryvnia can be used as a form of payment within the country.

The NBU also said that Bitcoin's status in the country is complicated because there are no consolidated agreements that classify and manage the currency around the world, and considers that it is better to regulate digital currencies:

"In different countries, Bitcoin is classified in different ways as virtual currency, substitute money, intangible value, virtual goods and the like. For its part, the NBU has not officially supported any of the above definitions. "

Other opinions that contrast with digital coins
Several lawyers, however, have contradicted the position statement issued by the NBU. They affirmed that the mining of criptomonedas is legal in the country.

According to the partner of the law firm Yuskutum Artem Afyan, the participation in the mining of digital currency in the country is absolutely legal:

"The arguments of the National Bank that the cryptonion is an 'unsecured money substitute' are just a warning. They do not mean prohibiting its use."