The National Bank of Ukraine continues to discuss the issue of legalizing cryptocurrencies but clearly states that they will not be allowed to be used as legal tender.
NBU's Position on Crypto Legalization
NBU Governor Andriy Pyshnyy stated in an interview with RBC-Ukraine that legalizing cryptocurrencies as legal tender is a 'red line' the bank will not cross. 'It is important for us that our 'red lines' are observed,' he noted.
Regulatory Requirements and Control
Pyshnyy emphasized that any law on digital assets must follow global standards. He stressed the importance of creating strong systems for monitoring crypto transactions and fighting illegal activity, in line with the standards set by the Financial Action Task Force (FATF).
Development of Digital Hryvnia
The central bank is also testing its digital currency, the e-hryvnia. The NBU is working with a tech partner on a pilot project to determine how a digital version of the national currency could work. Pyshnyy stated that this project would provide crucial feedback for future decisions.
The National Bank of Ukraine is studying cryptocurrencies and their potential impact on the country's economy while strictly emphasizing the need for adherence to financial instruments and control standards. The ongoing development of the digital hryvnia could be a significant step for Ukraine's economy.
