Ukraine passes law regulating the issuance of CBDCs

On 30 June, the Verkhovna Rada of Ukraine passed in the second reading and in full закон «О платежных услугах», which among other things regulates the general principles for issuing central bank digital currencies (CBDCs).

The document defines the national digital currency as «the electronic form of Ukraine’s monetary unit, the issuer of which is the National Bank».

It also recognises CBDC as a lawful means of payment on the territory of the country.

‘Digital money is used exclusively in cases provided for by the laws of Ukraine and the regulatory acts of the National Bank of Ukraine,’ the law states.

The law distinguishes between CBDC and electronic money.

The National Bank must also specify the features of carrying out payment operations, the process for issuing, holding and redeeming digital currencies.

Earlier, ForkLog, together with experts, analysed the updated text of the bill ‘On Virtual Assets’, which is due to be considered in the second reading.

Financial regulators of Ukraine criticised the updated bill on virtual assets

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