Cryptocurrenciesgained more and more momentum in 2017, a fact that governments hadn’t failed to notice. Regulations became the name of the game, with many countries hoping to somehow control the decentralized digital countries and the impact they pose on their economic sectors.
In August last year, the National Bank of Ukraine mentioned that they too would be looking into regulating the industry. The 11th of January saw the next step in this process when the country’s security council announced that a meeting was held discussing regulation plans.
One of the attendees, Oleksandr Turchynov, who is the National Security and Defense Council Secretary, stated that the discussion “considered a complex of problems related to the uncontrolled circulation of cryptocurrencies” in the country.
A group consisting of financial experts and regulators will develop regulation proposals through their knowledge of the crypto industry, will monitor digital currency transactions and will also consider the tax implications of trading in crypto.
The statement issued by the security council went to state:
It seems as if the country is not only making regulation plans though. Ukraine is also considering creating its own cryptocurrency. The statement also said:
In addition to an increase in regulation considerations, last year saw many countries looking into the development of their own state-controlled virtual currencies. In this way, these countries would be part of the digital currency revolution, without having to deal with the disruptive nature of decentralized cryptocurrencies.
Russia has voiced its plans to create the CryptoRuble, Venezuela is in the process of issuing its Petro, Israel hopes to produce a digital shekel and Sweden has previously considered developing the e-krona.
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Adeniyi Salau is a Digital Marketer, Project Manager and SEO Expert of repute with about a decade of Blogging and online marketing experience. He is always ready to share his experience with others.