Central bank of Ukraine supports crypto industry, fears cryptocurrency - regulation

The National Bank of Ukraine recognizes the advantages of supporting crypto innovations, but also fears that cryptocurrencies could win over the ground compared to the national Fiat. When announcing its monetary policy guidelines for the near future, the regulatory authority announced that it will be the only legal payment of the country's status.

Bank of Ukraine will not allow Krypto Fiat money to be replaced

Under the current government in Kiev, Ukraine has taken steps to regulate its expanding crypto room. At the beginning of this month, the Ukrainian parliament assumed Activities legalized and is currently working on tax changes in relation to cryptocurrency transactions. President Wolodymyr Selenskyj "Development vector" of the country's digital economy.

Against this background, the National Bank of Ukraine ( nbu ) has recognized that innovations in connection with virtual assets or cryptocurrencies improve access to financial services for Ukrainians and at the same time improve the competition between the Increase market participants and also bring investments to the Eastern European country. The regulatory authority supports the promotion of the growth of the emerging industry for digital currencies.

At the same time, the central bank sees certain risks in cryptocurrencies, as its recently adopted "Principles of monetary policy for 2022 and the medium -term perspective" revealed. According to Document the distribution of decentralized money from geldering from banking in digital assets can promote Danger financial stability and reinforce the bypass of financial surveillance.

Above all, the NBU fears that cryptocurrency may replace the national Fiat money that Ukrainian Griwna can replace, which leads to the "emergence of a parallel money circulation". In order to limit these risks, the authority intends to prevent restrictions on the use of the Griwna as a exclusive legal means of payment in Ukraine, since they are also on the output of a target = "_ blank" href = "https://news.bitcoin.com/ukraines-digital-plans-to-pay-employees--digital-hryvnia-in-pilot-project/" Rel = "noopener"> Digital version of the state currency.

The National Bank of Ukraine notes that cryptocurrencies currently have no significant effects on monetary policy and the government's financial stability, but admits that this will probably change in the future. With technological progress and market expansion, the growing awareness and interest of investors "the spread of virtual assets could increase significantly and its price volatility could decrease," concludes the central bank.

In a (n Interview In August the deputy minister promised digital transformation Oleksandr Bornyakov that the Ukrainians can keep, act and issue. To keep digital coins, replace and use for payments.

Do you believe that the National Bank of Ukraine will accept cryptocurrencies as a legal means of payment in the future? Tell us in the comment area below.

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