Ukraine Central Bank makes a major crackdown on Bitcoin

The National Bank of Ukraine

Oleg Chury, the deputy head of National Bank of Ukraine, considers Cryptocurrencies of no threat because of their proportionately small volume.

NBU (National Bank of Ukraine) is all set to establish a robust and legal framework for all forms of cryptocurrencies in the country, nullifying their recognition of as a currency or a legal form of payment. It was revealed officially by Oleg Chury, the deputy head of NBU, at the Ukrainian Financial Forum. He subtly pointed out that cryptocurrency is vulnerable to fraud practices and people can be easily tricked as the government does not issue them.

However, he dismissed the idea that decentralized cryptocurrencies are a threat to the central banks, he considers them of no threat because of their proportionately small volume.

It was in early September when the lawmakers of Ukraine met to discuss the legality of Bitcoin and other cryptocurrencies in the country and finalized their decision within a span of three weeks. It was initially suggested that a regulatory policy would be wired out but it appears now to be a major whip on the back of Bitcoin and other cryptocurrencies.

Earlier, the chief executive of JP Morgan Jamie Dimon, a Bitcoin critic, has expressed his concern about the said cryptocurrency. Dimon stated that higher the volume of bitcoin, the more likely it is for governments to whip it down.

According to the data shared by CIA, the market cap of all mined Bitcoins is presently worth over $62 billion. If Bitcoin is summed up as an M1 metric, it will rank 46th on the global list between Philipines and Israel. Dimon’s estimate of bitcoin, however, ranges between two to three billion dollars whereas he claims that JP Morgan’s market flow to be around 6 trillion dollars a day.

Despite the ups and downs in its fortune’s vis-à-vis the lawmakers of different countries, Bitcoin and other cryptocurrencies are still thriving and the popular interest in them shows no sign of abating.

Photo Credit: Matt Shalvatis


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