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Ukraine Moves to Shut Down Bitcoin

Avatar Guest Author 5 years ago

The Ukrainian conflict has been going on for quite some time now. This conflict has been opening the doors for the Cold War phantom to come out once again and setting apart two powerful blocks aside while turning the international Politic landscape into a trigger bomb that may come to explode at any time.

Now, Ukraine says bitcoin is being used to finance the separatist group. The Ukraine Chairman of the Security Service (Security Service of Ukraine – SBU) Valentyn Nalyvaychenko, stated that the Security Service was working hard in order to try and block separatists Bitcoin accounts and the following stream of digital currencies that has been used to finance terrorists and separatist groups.

ukraine shuts down Bitcoin

Ukraine authorities revealed that it was setting up a joint operation to tighten the control around digital currencies, which it firmly believes is being utilized to finance the separatist campaign. This joint operation will be focusing on individual Credit Card and bank accounts, but Bitcoin will be the payment instrument that will be subject to a harder intervention and bigger control from the Ukrainian authorities.

Valentyn Nalyvaychenko states:

“Another aspect of the joint work of the SBU and the ministry of Internal Affairs is to block accounts, cards, and a new variety of payment instruments, like Bitcoin and so on, commonly used as a financing method by the separatists.”

Since the armed conflict began, the country’s economy has been in a critical and unstable condition. The country’s infrastructure was seriously affected. Currently, it is only possible to cash out from the country. It’s not an easy task and it’s possible through some intermediaries and special exchange offices regulated by the government.

What’s strange about all these accusations is that the Ukranian Security Services haven’t shown any real proof that bitcoin is actually being used to finance the separatist campaign and what will be the procedure to identify the separatist accounts or even, what will be the method to be used to block Bitcoin accounts.

The way I see it, this is just an excuse to persecute revolutioners, and most likely, the Ukranian authorities feel threatened because bitcoin can also be used to divert the country’s wealth to outside the government capital controls and most certainly are trying to stall bitcoin in any way possible to prevent this.

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