European State To Iron Out Crypto-Currency Creases In Coming Weeks

Josh O'Neill

5 September 2017

Ukraine will decide on the legal status of 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.