The Ukrainian government is advancing its Central Bank Digital Currency (CBDC) program because the National Bank of Ukraine (NBU) is now officially authorized to issue digital currencies.
President of Ukraine Volodymyr Zelenskyy (Volodymyr Zelenskyy) sign According to Thursday’s announcement, the law, called “Payment Services,” officially enables the country’s central bank to issue CBDC, or digital hryvnia.
The new law authorizes NBU to establish a regulatory sandbox to test payment services and tools based on emerging technologies. According to the announcement, the new legislation also requires the Central Bank of Ukraine to work closely with start-ups in the local payment market, taking into account the needs of the private sector.
initial Officially recognized The Ukrainian Parliament passed the “Payment Services Law” in late June, which aims to implement open banking and share access and control of consumer financial information through third-party applications. The law is expected to stimulate the development of financial technology in the country, allowing private financial technology companies to establish cooperation with banks and obtain more business opportunities.
The announcement pointed out that, among other things, the newly signed law also aims to adapt Ukrainian legislation to the EU legal framework and will eventually allow the country’s payment system to integrate with the EU’s payment system. The legislation is based on modern requirements and takes into account the standards of European regulatory legislation, including the Payment Services Directive 2 and the Electronic Money Directive.
As previously reported, NBU has been paying close attention to Consider issuing digital currency In the past few years, the potential of CBDC to increase public confidence in central banks and their financial services has been outlined. However, the bank still focuses on potential related risks, such as the impact of CBDC on financial stability and possible threats to the traditional banking system.
Earlier this year, the Ukrainian Ministry of Digital Transformation established a partnership with the Stellar Development Foundation. Jointly develop a digital asset strategy And CBDC infrastructure.