Ukrainian Finance Minister Says Crypto Is ‘Promising’

Bitcoin Cryptocurrency Regulation Ukraine

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 26, 2023 06:54 EDT

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The new Ukrainian finance minister has spoken about the state’s plans to regulate the domestic crypto market, and claimed that although he has doubts about what is “backing” crypto, he feels it is “promising.”

In an interview with 24 Novosty, the recently appointed minister, Serhiy Marchenko, stated that the nation’s Ministry of Digital Transformation “has the desire to regulate the cryptocurrency market,” but mused that crypto “might become the global currency for settlements in the future.”

“Cryptocurrency is a promising story. The only problem is that I do not fully understand the nature of how crypto is being backed. [Backing] is provided only by the virtual demand of various industry players. It is not backed by an economy, production, assets or capital. Unlike stocks, bonds or derivatives, which are underpinned by collateral assets, [crypto] is not an asset in its purest form,” he said.

Marchenko went on to add that a “deeper understanding” of the crypto market would be necessary to gauge if tokens could be used in “calculations” in the future, but conceded,

“Unfortunately, I am not a cryptocurrency specialist.”

The new economic chief spoke about the possibility of using crypto in financial “calculations,” claiming its potential role in this sense was a “rather interesting and promising story.”

Regardless, Marchenko expressed doubts about crypto, and advised citizens to express caution, concluding,

“In terms of [crypto’s worth as] a [tool for] investment, an asset and a means of value storage – well, everyone should make their own decision on this front, at their own discretion.”

Marchenko, aged 40, is one of the youngest finance ministers in Europe, and served as Deputy Minister of Finance between 2016 and 2018, but has been working in tax and finance-related government ministries since 2002.
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