The National Bank of Ukraine is open to discussing the legalization of crypto assets. NBU head Andriy Pyshnyy has stated that legalization is possible under certain conditions.
NBU's Position on Crypto Asset Legalization
NBU Governor Andriy Pyshnyy emphasized that cryptocurrencies cannot become legal tender in the country. In his interview, he highlighted the importance of respecting certain 'red lines’ and that virtual assets must not undermine the effectiveness of monetary policy. He stated, 'It is important for us that our ‘red lines’ are clearly followed.'
Benefits of Legalizing Crypto Assets
Pyshnyy believes that legalization could be an 'ideal solution' if it helps to bring the crypto market out of the shadows. He also noted the positive impact this might have on how Ukraine’s financial sector is assessed by foreign partners. 'Perhaps we need to have a broader discussion – what exactly will encourage bringing those virtual assets that already exist and are owned today out of the shadows,' he added.
Current State of the Crypto Market in Ukraine
The Ukrainian government is taking steps to regulate the circulation of cryptocurrencies amid growing restrictions related to the war. In this context, a draft law is being developed that may allow the NBU to hold cryptocurrencies in reserves. The challenges with legalizing crypto assets have led some companies to leave the country, citing uncertainty.
In conclusion, NBU Governor asserts that the legalization of crypto assets in Ukraine is possible provided strict regulatory norms are followed, which may improve the financial climate in the country.
