NBU confirms stance on cryptocurrencies

The National Bank of Ukraine does not regard cryptocurrencies as a means of payment and advises citizens to consider the risks of using this instrument, said Kateryna Rozhkova, first deputy governor of the National Bank of Ukraine.

According to her, attitudes toward digital assets vary across jurisdictions.

\”We have already witnessed serious shocks in these markets in the United States, when it turned out that cryptocurrencies, which were supposed to be backed by physical dollars, were backed by nothing, and that poses very significant risks,\” Rozhkova added.

In the adopted Law on Virtual Assets, the NBU is defined as one of the regulators of the cryptocurrency market, responsible for overseeing the turnover of virtual assets backed by monetary values. This regulatory act will be refined to take into account the European market regulation — MiCA.

In the initial phase, authorities are considering implementing only the basic provisions of this law.

Earlier in March, cryptocurrency exchanges reported a temporary suspension of operations via hryvnia-denominated bank cards due to anti-money laundering and tax-evasion concerns in the gambling sector.