The Central Bank of Ukraine asserts that cryptocurrency is not to be used as a means of payment.
The Governor of the National Bank of Ukraine (NBU) emphasizes that the legalization of cryptocurrency must comply with international standards and not affect monetary policy in the context of war.
MAIN CONTENT
Cryptocurrency is not allowed to be used as a means of payment in Ukraine.
The legalization of cryptocurrency must comply with FATF standards and EU regulations.
The NBU collaborates with European organizations to test the model of the digital hryvnia.
How does the National Bank of Ukraine view the role of cryptocurrency?
The NBU Governor, Mr. Andriy Pyshnyy, stated that cryptocurrency is not allowed to be used as a legal means of payment in Ukraine.
He believes that the legalization of cryptocurrency should not weaken the ability to apply monetary policy tools and avoid cryptocurrency becoming a tool to evade foreign exchange control during wartime. Accordingly, this is the "red line" that the Central Bank cannot cross to maintain financial stability.
In particular, the NBU emphasizes the need to carry out the process of clarifying digital assets, enhancing international credibility for Ukraine's financial sector.
What international standards and regulations apply to the legalization of cryptocurrency in Ukraine?
Mr. Pyshnyy emphasizes that all decisions regarding the legalization of cryptocurrency in Ukraine must comply with FATF standards and current European Union regulations.
FATF is an international organization specialized in combating money laundering and terrorist financing; therefore, compliance with these standards aims to prevent illegal activities related to cryptocurrency. This also serves as a basis for Ukraine to build a solid legal framework that is internationally recognized.
The legalization of cryptocurrency should not undermine the effectiveness of monetary policy tools or become a loophole for foreign exchange control during wartime.
Andriy Pyshnyy, Governor of the National Bank of Ukraine, August 2023
What steps is the National Bank of Ukraine taking with the digital hryvnia?
The NBU is cooperating with the European Central Bank and Germany's Bundesbank to research and test the architecture of the digital hryvnia (e-hryvnia).
Currently, the NBU is preparing pilot projects with the participation of technical partners to develop a secure and efficient national cryptocurrency system. This aims to enhance monetary control and improve transparency in the financial system.
Frequently Asked Questions
Can cryptocurrency become a legal means of payment in Ukraine?
No, the National Bank of Ukraine has clearly stated that cryptocurrency is not to be used as a legal means of payment.
What standards are used to regulate cryptocurrency in Ukraine?
Ukraine adopts FATF standards along with European Union regulations in managing cryptocurrency.
Does the Central Bank of Ukraine plan to develop a national digital currency?
Yes, the NBU is collaborating with international organizations to test and develop a model for a digital hryvnia.
How does the legalization of cryptocurrency affect monetary policy?
All legalization must avoid undermining monetary policy tools and evading foreign exchange control during wartime.
What does the process of "de-shadowing" digital assets mean?
"De-shadowing" helps to clarify digital assets, increasing international credibility for Ukraine's financial sector.
Source: https://tintucbitcoin.com/ngan-hang-ukraine-muon-hop-phap-hoa-tien-dien-tu/
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