Michael Chobanyan

Head of Bitcoin Foundation Ukraine claims that the policemen who have searched his house on November 3 were motivated by things other than justice.

Ukraine may soon legalize Bitcoin. The National Bank of Ukraine (NBU) is seriously looking into the possibilities of implementing Bitcoin’s technology into the financial system according to Ukraine’s Bitcoin Foundation (BFU).

Bitcoin regulation looks imminent in Ukraine, with the release of its own BitLicense draft. Initial reception has been described as “surprisingly positive” by the country’s Central Bank and financial sector.

Ukraine will block the Bitcoin accounts of “separatists” in the country’s east. Such was the statement of the head of the Security Service of Ukraine (SBU), Valentyn Nalyvaychenko.

Ukraine is currently experiencing the worst period of hyperinflation in the world as the government has imposed capital controls to stop its citizens from dumping the Hryvnia.

The virtual currency Bitcoin cannot be used in Ukraine as a means of payment. The above was announced in a post on the official website of the National Bank of Ukraine (NBU). According to the regulator, Bitcoin and other cryptocurrencies represent “money substitutes.”

On September 26, 2014, Ukrainian capital hosted its first Bitcoin event - Bitcoin Conference Kiev. The Hall of Champions in NSC Olimpiyskiy gathered about 170 Bitcoin enthusiasts along with leading Ukrainian and foreign thought leaders.