Ukraine cyber police say they support the idea of legalizing cryptocurrencies despite the fact that their existence and circulation depends on the foundations of financial pyramid.
Legal Favors at Cryptocurrency
Cyber Police Department head Serhiy Demediuk said in a Facebook post that the department also supports the mining of cryptocurrencies. However, the head alluded to the need to establish rules that facilitate the functioning of the cryptocurrencies and country’s exchanges.
“Today, there is a need to resolve at the legislative level. The issues related to the use of the cryptocurrency as soon as possible. Also the introduction of the necessary taxation of transactions on the purchase and sale of the cryptocurrency,” he said.
Sergey Demediuk also believes that all cryptocurrency transactions should be backed up by mandatory identification of the wallet owners. Cryptocurrencies are electronic money, a unit of value and acceptable means of payment. Moreover, the government may prohibit its circulation if the crypto settlement won’t be completing within short period.
For instance, there is need to prohibit turnover to let them know risk losing the investments without right of protection and recovery of losses. He added.
He said the department was ready to collaborate with all interested parties in terms of legalization and settlement of cryptocurrency technologies.
The report comes after recent formation of a new group that is working on regulation of cryptocurrencies in the country. Lack of regulation for the technology is a threat to the country’s economy and security. National Security and Defense Council chief Oleksandr Turchynov said last month
National Bank of Ukraine is continuing with a research project on possibility of introducing a national cryptocurrency. Accordingly, back in 2016, the crytpcourrency e-hryvnia came into light.