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,