Ukraine's National Bank has announced plans to legalize cryptocurrencies by October 2025, but these will not be recognized as legal tender.
Legalization Plan for Cryptocurrencies
The National Bank of Ukraine (NBU), led by Andriy Pyshnyy, plans to legalize cryptocurrencies such as Bitcoin and Ethereum by 2025. However, the emphasis is on the fact that they cannot be used as legal tender, aiming to safeguard the country's monetary sovereignty.
Restrictions on Cryptocurrency Use
According to Pyshnyy, virtual assets cannot be a means of payment, marking an important step to ensure effective management of the monetary system. This decision will affect cryptocurrency donations used during the crisis period while maintaining the ban on their use for payments.
Impact on Economy and Future of the Country
Ukraine's approach to cryptocurrency regulation differs from that of countries like El Salvador, where Bitcoin is legal tender. Ukraine seeks to align with European standards while maintaining control over its currency, highlighting a balance between innovation and strict regulation of financial instruments in the national system.
Ukraine's plans for cryptocurrency legalization by 2025 indicate the country's desire to integrate new technologies while preserving control over monetary policy.
