The Governor of the National Bank of Ukraine, Andriy Pyshny, stated that virtual assets cannot serve as a means of payment. According to him, it is crucial that the legalization of such assets does not lead to a transfer of monetary powers or undermine the capabilities of the National Bank, especially under martial law. He emphasized that when developing the legislative framework for the implementation of virtual assets, Ukraine should follow the European MICA directive and the corresponding EU regulations, which will come into effect in January 2025. However, Pyshny noted that this directive provides a wide range of opportunities for national regulation and the establishment of specific rules, reports Baltimore Chronicle, citing RBC-Ukraine.
Among the main challenges, according to Pyshny, is preventing the use of virtual assets to bypass restrictions imposed by the National Bank during martial law to stabilize the monetary and credit market and ensure sufficient foreign exchange reserves. He also added that the legalization of virtual assets should focus on minimizing the shadow sector and improving financial monitoring. Pyshny stressed that this process could positively impact the assessment of Ukraine’s financial system by Western partners.
Earlier we wrote that NBU prepares for pilot launch of the E-Hryvnia.