based on materials from the site - By The Crypto Times
The National Bank of Ukraine (NBU) is considering the possibility of legalizing cryptocurrencies, but does not want them to be used for payments. In an interview with RBK-Ukraine, NBU head Andriy Pyshny explained that allowing cryptocurrencies to be a legal payment instrument is a 'red line' that the bank will not cross.
'For us, it is important to adhere to our 'red lines,' the head stated. - Virtual assets cannot be a means of payment and should in no way undermine the effectiveness of our monetary instruments.'
He explained that while cryptocurrencies may become part of Ukraine's financial future, they should not weaken the powers of the National Bank or its economic management tools. He also warned that during martial law, cryptocurrencies should not be used to circumvent currency control.
Pyshny emphasized that any law on digital assets must comply with international rules. He said that the bank wants to have reliable systems for monitoring cryptocurrency transactions and combating illegal activities. This includes compliance with the standards set by the Financial Action Task Force (FATF) and adherence to European regulations.
The NBU believes that the opening of cryptocurrency will improve the country's image in the global financial sphere. Pyshny noted that increasing the transparency of cryptocurrencies could enhance Ukraine's image in the eyes of international partners.
At the same time, the National Bank is testing its digital currency - the electronic hryvnia. The NBU, together with a technology partner, is working on a pilot project to test how the digital version of the national currency can work. Pyshny noted that this project will provide the bank with important feedback for making future decisions.
He also noted that the NBU is closely monitoring how other countries are creating their central bank digital currencies (CBDC). The bank is already cooperating with the European Central Bank, the Bundesbank, the Bank of France, the Bank of Belgium, and the Bank of Singapore.
In June, Ukrainian lawmakers also proposed a bill that could allow the NBU to hold Bitcoin and other digital assets in its national reserves.
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