The governor of the NBU outlines limits for crypto adoption as the e-hryvnia pilot project moves forward.
The Governor of the National Bank of Ukraine (NBU), Andriy Pyshnyy, recently clarified the central bank’s stance on the regulation of digital assets. In an interview with RBC-Ukraine, the monetary chief drew a clear line between legalization and use as a means of payment.
According to his statements, Bitcoin and other digital assets can never replace the national currency as legal tender. The governor emphasized:
“It is essential that our non-negotiable boundaries are clearly respected. Virtual assets cannot be a means of payment, cannot in any way undermine the effectiveness of our monetary instruments.”
Ukraine’s approach aims to prevent any transfer of monetary authority or weakening of the Central Bank’s regulatory tools.
Moreover, according to the governor, the legalization of cryptocurrencies in Ukraine must comply with international FATF standards and relevant European regulations, ensuring the effectiveness of national financial monitoring. Pyshnyy stressed the importance of bringing greater transparency to the digital asset market.
National CBDC
Alongside the regulation of digital assets, the NBU is testing architectural models for a potential central bank digital currency (CBDC). The e-hryvnia pilot project is progressing in collaboration with selected technology partners. The governor explained:
“We want this pilot to give us as much information as possible to decide on a large-scale issue. At the same time, we are looking very closely at how the CBDC process is developing in other central banks.”
The NBU is actively cooperating with the European Central Bank, the Bundesbank, the National Bank of Belgium, the Bank of France, and the Monetary Authority of Singapore to develop its digital ecosystem. Special attention is being given to the digital euro project, considered strategic for Ukraine’s monetary future.
Last June, Ukrainian lawmakers proposed a bill that could allow the NBU to include Bitcoin and other cryptocurrencies in the country’s national reserves.
