National Bank of Ukraine

NBU Open Research Seminar: crypto currencies can not be classified as alternative money
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22 June 2018

Press Release


Last week the National Bank of Ukraine held its regular open research seminar delivered by Dr. Gabriel Söderberg, researcher of Uppsala University and economist of Sveriges Riksbank, who came to Kyiv as one of the speakers of the financial inclusion forum Finclusion UA, organized by MasterCard and the NBU.


Swedish economist presented his research work “Money in the past and in the 21st century: Principles of trust and performance” on the role of Bitcoin and other cryptocurrencies in the modern era. He started with a brief overview of the history of money while the main body of the seminar was dedicated to the discussion of cryptocurrencies and their core peculiarities.


Dr. Söderberg highlighted that the main reason for cryptocurrencies to become popular rapidly is a lack of credibility of central banks and banking system in general as well as a high level of trust in computers. In addition, the speaker emphasized that cryptocurrencies can not be classified as alternative money since they mostly share properties of an asset but not a currency. In order to become a conventional currency, crypto-assets need a peculiar accreditation by central banks.


Research paper:




Video of the seminar:


The materials of previous open research seminars are available via the link.


We invite potential speakers to attend the following seminars. The materials with the results of scientific research (article and / or presentation), the author's resume and the desired date for the seminar should be sent to the Research Division of the Monetary Policy and Economic Analysis Department at e-mail:



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