The National Bank of Ukraine (NBU) is considering legalizing crypto, but does not want it used for payments. In an interview with RBC-Ukraine, NBU Governor Andriy Pyshnyy clarified that allowing crypto as legal tender is a “red line” the bank will not cross.
“It is important for us that our ‘red lines’ are observed,” the governor said. “Virtual assets cannot be a means of payment, cannot in any way undermine the effectiveness of our monetary instruments.”
He explained that while crypto could be a part of Ukraine’s financial future, it must not reduce the central bank’s power or weaken its tools for managing the economy. He also warned that during martial law, crypto must not be used to get around currency controls.
Pyshnyy stressed that any law on digital assets must follow global rules. He said the bank wants strong systems for monitoring crypto transactions and for fighting illegal activity. This includes meeting standards set by the Financial Action Task Force (FATF) and following European rules.
The NBU believes that bringing crypto into the open will help the country’s image in global finance. Pyshnyy said that if crypto becomes more transparent, it could improve how Ukraine is seen by its international partners.
At the same time, the central bank is testing its digital currency, the e-hryvnia. The NBU is working with a tech partner on a pilot project to try out how a digital version of the national currency could work. Pyshnyy said the project will give the bank important feedback for a future decision.
He also noted that the NBU is keeping a close eye on how other countries are building their central bank digital currencies (CBDCs). The bank is already working with the European Central Bank, the Bundesbank, the Bank of France, the Bank of Belgium, and the Bank of Singapore.
In June, lawmakers in Ukraine also proposed a draft law that could let the NBU hold Bitcoin and other digital assets in its national reserves.
Also Read: Ukraine Sanctions 60 Crypto Firms Allegedly Aiding Russia
