The Useless, Corrupt, Goddamn Idiots in Ukraine’s Gov’t declare #bitcoin illegal

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10/11/2014

In connection with citizens about the legality of use in Ukraine “virtual currency / Cryptocurrency” Bitcoin inform that.

According to the Constitution of Ukraine (Article 99), the Civil Code of Ukraine (Article 192), the Law of Ukraine “On Payment Systems and Money Transfer in Ukraine” (Article 3) and the Decree of the Cabinet of Ministers of Ukraine from 19.02.93 № 15-93 “On Currency regulation and Currency control “(Article 3) hryvnia currency of Ukraine as the only legal tender in Ukraine, adopted by all natural and legal persons without any restriction on all territory of Ukraine for the transfer and settlement.

One of the functions of the National Bank of Ukraine is the monopoly of Issuance national currency of Ukraine and the organization of cash circulation (Article 7 of the Law of Ukraine “On the National Bank of Ukraine”).

Volume and turnover in Ukraine other currencies and use of substitutes as a payment prohibited (Article 32 of the Law of Ukraine “On the National Bank of Ukraine”).

Given the above, the National Bank of Ukraine considers “virtual currency / Cryptocurrency” Bitcoin as a money substitute that is not providing real value and can not be used by individuals and entities on the territory of Ukraine as a means of payment, because it is contrary to the norms of Ukrainian legislation.

In addition, when using “virtual currency / Cryptocurrency” Bitcoin is a factor of increased risk associated with this service, operations or supply channels, including anonymous transactions (which may include cash), decentralization operation.

However, the international distribution of such payments for this category of services attractive to illegal activities, including money laundering, proceeds from crime and terrorist financing.

We emphasize that the risks for use in the calculation of “virtual currency / Cryptocurrency” Bitsoin responsible party payments for them. National Bank of Ukraine as a regulator is not liable for risks and losses associated with the use of “virtual currency / Cryptocurrency” Bitsoin.

In order to protect consumers’ rights, safety, money transfer National Bank of Ukraine encourages citizens to use the services of only those payment systems, settlement systems, which included the National Bank of Ukraine in the Register of payment systems, settlement systems, participants in these systems and service providers payment infrastructure.

http://bank.gov.ua/control/uk/publish/article?art_id=11879608

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