Compliance
European State To Iron Out Crypto-Currency Creases In Coming Weeks
The announcement comes amid a spate of particularly vicious volatility in bitcoin's price.
Ukraine will decide on the legal status of bitcoin in three weeks, as the
European sovereign state moves to rein in risks related to the
fast-growing crypto-currency.
The Ukrainian Cabinet of Ministers on the Financial Stability
Board held a meeting late last month to weigh in on the legal
status of crypto-currencies, like bitcoin, in the country. The
cabinet - considered the highest body of state executive
authority in Ukraine - will work with the Ministry of
Finance, the national bank, parliament and the blockchain
community to tackle the issue.
The announcement came as bitcoin's price broke the $5,000 mark
for the first time, before tumbling to lows below $4,400, amid
the biggest sell-off since July, according to data from
CoinDesk.
Definitive legal status in Ukraine could help drive bitcoin's
price higher, as seen in April when Japan moved to acknowledge
the digital coin as a valid payment method, spurring a price
surge.
