- Ekaterina Rozhkova, the first deputy head of the National Bank of Ukraine (NBU), has provided insights into the NBU’s stance on cryptoassets.
- Addressing the issue, Rozhkova stated that the NBU does not consider cryptoassets as a form of payment and has no plans to change this position in the near future.
- She also highlighted the importance of maintaining macroeconomic stability for Ukraine during the ongoing war.
In her statement, Rozhkova emphasized that the NBU’s position on cryptoassets aligns with the International Monetary Fund’s perspective, viewing them as non-monetary assets.
“We are still on the same course regarding the legalization of crypto-assets as we were several years ago. We do not view cryptoassets as a means of payment. They are not considered money. This aligns with the opinion of our colleagues at the International Monetary Fund,” Rozhkova remarked.
Rozhkova emphasized that introducing changes to the monetary policy landscape during a war entails certain risks.
She also referenced a memorandum of cooperation between Ukraine and the IMF, which includes an assessment of the existing legislation on virtual assets.
It should be noted that the National Securities and Stock Market Commission has expressed its willingness to propose amendments in this regard. The agency has also acknowledged that the bill put forward by the NBU incorporates the IMF’s recommendations.
“That is why the memorandum includes a separate provision stating that, together with IMF experts, we will study the main approaches and practices of EU countries and the rest of the world regarding the regulation of cryptoassets. Afterward, we will determine the proper implementation of these practices into our legislation,” Rozhkova added.
Rozhkova affirmed that this is not the NBU’s top priority since ensuring macroeconomic stability is currently crucial for Ukraine’s recovery and budget revenues, which, in turn, contribute to financing the military.
It’s worth recalling that Incrypted previously published a summary of regulatory changes in Ukraine’s cryptoasset domain in 2023. For more details, please see below:
