Ukraine Welcomes Cryptocurrency Despite Cautiousness from National Bank

[Rockalo]

The cryptocurrency industry in Ukraine seems to be heading south after the National Bank of Ukraine (NBU) came out to warn the citizens about the risks associated with this nascent digital asset.

Cryptocurrency isn't money
The NBU clarified that Bitcoin and other cryptocurrencies are neither cash, nor currencies as such, nor a means of payment, nor electronic money. Some of the major functions of money include a medium of exchange, a store of value (purchasing power), the basis of credit, a unit of account, a measure of value, and a standard of deferred payment.

But according to the point of view of Kateryna Rozhkova, First Deputy Governor of the NBU, cryptocurrencies including BTC, Ethereum, Tether, Binance Coin, Litecoin, etc., are virtual assets that are not money, since they do not perform the basic functions of money particularly settlements and savings. More information: please click here