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12 January
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The National Bank of Ukraine is considering the relevance of establishing its own cryptocurrency, the country's National Security and Defense Council said in a statement.

Ukraine's National Security and Defense Council chief Oleksandr Turchynovon Thursday announced plans to form a government working group to craft regulation on cryptocurrencies, citing a current legal vacuum over the swiftly developing market that “poses a threat to the economy and security of the state.”

Turchynov noted that the lack of legislation and regulation pertaining to cryptocurrencies “poses a threat to the economy and security of the state”. said in a statement.

“Given the rapid development of cryptocurrencies in the world, this issue cannot be left out of the state's attention,” Turchynov added.

The working group will be tasked with tackling the issue.

“It will develop legal proposals for regulating this issue [of cryptocurrencies], define the state regulator and the order of functioning of the cryptocurrencies market, establish the order of monitoring transactions with the use of cryptography and identification of subjects of cryptocurrency transactions, and set up the procedure for taxation of income from transactions using cryptocurrencies in accordance with the requirements of Ukrainian legislation,” the statement reads.

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