Ukrainian miners can now be at ease, as officials have declared that they have no intention of regulating the popular crypto mining.
So far, crypto currency miners in Ukraine have been living with fear and uncertainty. Crypt mining companies were worried that they would be fined, eventually, or that their equipment could somehow be confiscated.
However, officials of the State Service for Special Communications and Information Protection of Ukraine have clarified that the department currently has no interest in issuing regulations for cryptocurrency mining. A representative of the Office of Effective Regulation, Igor Samohodsky, emphasized that the crypto miners have been operating in the shadows, fearful of the repercussions.
The Ukrainian crypto miners are supposedly generating more than $ 100 million a year, which would generally attract authorities, but not in Ukraine. The country has proven to be extremely friendly with cryptography, even erecting a statue in honor of Satoshi Nakamoto. The plans were announced earlier this month, and the statue is expected to be where Lenin once was.
There have been reports of cryptocurrencies proposed by the state, earlier this year. In a statement issued by the Ukrainian security council, the National Bank of Ukraine was supposedly considering issuing its own cryptocurrency.
When it comes to regulation, Ukraine has been more transparent than most. A member of the Ukrainian parliament, Alexei Mushak, asked his Facebook audience to give their opinion on the issue of the legalization of cryptocurrencies. Not only that, he published the draft proposal on his wall for all to see.
Unlike other countries, Ukraine seems determined to reach a consensus with its cryptocurrency community. The country has gone further to ensure transparency throughout the process; The proposed bill has been edited by numerous cryptography enthusiasts and opinions have been different.
However, in the future, cryptocurrency mining in Ukraine is expected to continue as usual. No licenses will be required, nor will there be any regulations that individuals or companies must comply with. It seems that the country will maintain, for now, the same friendly position with cryptography.
Already last year, it showed that Bitcoin has a home in its economy. In November, a Ukrainian shipping company, Varamar, began to accept digital currency as a payment method for its services. At the time, Varamar founder Alexander Varvarenko said the decision would solve payment problems with countries such as Russia, Pakistan or Qatar.
Since then, many companies have adopted one or several cryptocurrencies as payment alternatives or have established their own equipment related to Blockchain to evaluate how to use it to their benefit.