The Association of banks explained why the laws of people’s deputies of bitcoin is not yet worth of attention

KIEV. 28 listopada. UNN. People’s deputies of bills dealing with the trafficking of cryptocurrency in Ukraine estimate there’s no point yet, since such documents require careful preparation and thorough collaborative work, as experts and public authorities. This was in response to the request of UNN reported in the press service of the Independent Association of Ukrainian banks.

As you know, today in the Parliament registered two draft laws on the treatment of cryptocurrencies in Ukraine: “the Draft Law on circulation of cryptocurrency in Ukraine” dated 6 October and “the Draft Law on stimulation of the market of cryptocurrencies and their derivatives in Ukraine” of October 10, this year.

In the first case, the subjects of legislative initiative were made by five deputies, initiated the second bill is the people’s Deputy from “Radical party” Sergey Fishing.

“To evaluate each of these bills is premature”, – noted in the Association.

ALSO READ: Bitcoin Foundation criticized the bill Fishing

NABU explained that the bills mentioned to a certain extent fulfilled their function, they have attracted the attention of the authorities and financial regulators to the problems surrounding the cryptocurrency. However, the risks of legislative regulation of this issue will require takovogo approach.

“The level of fraud in the world of cryptocurrencies is extremely big (attraction of investments in the bogus start-UPS, stealing coins out of wallets, stolen purses, etc.). The volatility of cryptocurrencies and the dynamics of their power capacity create opportunities extraordinary fluctuations in their exchange rates in the future. There are risks in the concentration of control while decentralized blockchain systems. These challenges require a professional response,” the report said.

The Association also reminded that the world still does not exist a unified approach to the definition and regulation of cryptocurrencies.

ALSO READ: Bitcoin not given a chance or why initiated stillborn bills

“Financial regulators from different countries are studying this phenomenon, prepare the draft laws, issue directives and clarifications. For example, in U.S. attracting investment via the ICO (initial coin offer) are actually equal in status to the IPO (the IPO) with the corresponding distribution of hard regulations. In China they do at some point was banned.

Ukraine also announced the creation of a working group, composed of the NBU, Ministry of Finance, state fiscal service of Ukraine, the national Commission on securities and stock market and the financial services Commission to develop a common position on bitcoin in General and Bitcoin in particular. We are ready to join this work”, – told in NABOO.

The Association believe that without a clear position of financial regulators and authorities to create high-quality regulation is difficult.

“But to delay the decision on this issue is dangerous”, – explained in NABOO.

Recall that in the Bitcoin Foundation parliamentary bills on cryptocurrency called senseless and populist.

We will add that the author of the bill №7183-1 (as a cryptocurrency) Sergey Fishing was recently dismissed by Parliament from the post of Chairman of the Finance Committee. His work in this post experts finotelli and depositors of banks rated very low.