Ukrainian Bitcoin Community Proposes Its Own BitLicense …

In a recent World Bank report, it was found that the Ukrainians received the maximum of remittence money around $8.5 billion from its diaspora in Europe last year. The figures, as noted by the National Bank of Ukraine (or NBU), were found to be higher than what was recorded in 2012 before the Russian conflict took place.

It has been assumed that the Ukrainian diaspora have certainly been focusedupon the nations confrontations with war and recession. Money arriving from foreign locations, to some extent, was helping the nation as it underwent poor economic conditions. It has been a significant revenue for Ukraine in the past few months, indeed.

In parallel to the said political and economical turmoil, there was also a group that was leaving no-stone-unturned to solve these issues. Just two-weeks back, this group presented a multifaceted solution before the NBU, something that promises to improve Ukraines poor investment climate and degrading remittence sector up to some extent.

As a result, we are now seeing Ukraine taking revolutionary steps towards regulating Bitcoin, a disruptive and decentralized payment technology promising a new dawn for the nations financial sector.

Mikhail Chobanyan, the founder of the aforementioned digital currency advocacy group, the Bitcoin Foundation Ukraine (BFU), brought up the idea of coexistence between NBU-backed national currency Hryvnia and a decentralized digital currency Bitcoin. In his report to the central banks representatives, Chobanyan discussed their mounting IT outsourcing figures in the FinTech initiatives, a large part of which is dedicated to Bitcoin, and other banking service applications.

He further described that how with friendly regulation, Ukraine can change the flow towards its end, saying that these developments should not only benefit beneficiaries in foreign companies and governments, but must also focus to change the vector towards their own development technologically and economically.

Big business and investors are waiting for will clear rules of the game, Chobanyan added. They are beginning to develop basic infrastructure in the form of stock exchanges, payment service providers, integration with the banks.

In order to achieve the said objectives, Chobanyan proposed NBU that they should follow the footsteps of New York Department of Financial Services (NYDFS) in sketching out a legal framework for Bitcoin a very own BitLicense for Ukrainian digital currency sector. He further called on the State Services of Financial Monitoring to support the license.

However, Chobanyan asked for a self-regulated environment for the digital currency sector, in which the companies would be allow to establish rules that seems to be drawn only after the consent of the concerned government bodies.

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Ukrainian Bitcoin Community Proposes Its Own BitLicense ...