The Chairman of the National Bank of Ukraine, Andriy Pyshny, commented on the legalization of cryptocurrency in Ukraine. According to him, it should not undermine the effectiveness of monetary instruments.
The Chairman of the National Bank of Ukraine, Andriy Pyshny, commented on the legalization of cryptocurrency in Ukraine. According to him, it should not undermine the effectiveness of monetary instruments.
Pyshny told RBC-Ukraine in an interview that the introduction of virtual assets into the Ukrainian legislative field should be in accordance with the European MICA directive for regulating cryptocurrencies. However, this initiative is relatively new and «provides a fairly wide field» for national regulation. He added that it is important to take into account the capabilities of regulators.
«It is important for us that our „red lines“ are clearly observed. Virtual assets cannot be a means of payment, cannot in any way undermine the effectiveness of our monetary instruments. There should be no transfer of monetary powers and no undermining of the capabilities of the National Bank due to the legalization of virtual assets» Andriy Pyshny emphasized.
According to Pyshny, it is important that virtual assets do not become a tool for circumventing NBU restrictions.
«It would be an ideal solution, in my opinion, if the legalization of virtual assets would allow the market to be de-shadowed, which would also have a positive impact on the assessment of our financial sector by Western partners. And this means that perhaps we need to hold a broader discussion — what exactly will encourage us to bring out of the shadows those virtual assets that already exist and are owned today,» the head of the NBU believes.
Andriy Pyshny noted that the above does not apply to the «e-hryvnia», because it is a digital form of the non-cash hryvnia, the issuer of which is the National Bank.
«We already have an understanding of the potential e-hryvnia architecture model. We are currently preparing for a pilot project and completing the search for a technological partner,» Pyshny said.
He added that it is too early to talk about the imminent release of the «e-hryvnia», because currently only a pilot project is being prepared for launch.
Earlier, the chairman of the Verkhovna Rada Finance Committee, Danylo Hetmantsev, said that three state bodies are competing for the right to be the state regulator in the cryptocurrency market — the National Securities and Stock Market Commission, the National Bank, and the Ministry of Digital Transformation.
Previously, the First Deputy Head of the NBU, Kateryna Rozhkova, assured that the Ministry of Digital Affairs cannot be such a regulator, because the IMF is against it.
