Central bank urges the Ukrainian government to implement the cryptocurrency law

The political unit of the Central Bank of Ukraine has asked the national government to accelerate the implementation of the Cryptocurrency Law, which means the legalization of cryptocurrencies in the country.

Central bank calls on the Chinh government. on Ukraine should Accelerating the implementation of the cryptocurrency law

According to Bitcoin News, the board of directors of the National Bank of Ukraine (NBU) urged the Kiev authorities to quickly implement the long-awaited ordinance and urged the executive body to expedite the drafting of laws regulating the cryptocurrency market and transactions involving crypto assets be performed.”

The bank made its appeal, saying the legislation will help “reduce risk” and promote “macro-financial stability” in matters related to the “increase in transactions”.

The statement also instructs the bank’s board of directors to “analyze the impact of cryptocurrency transactions on central banks”.

In particular, the panel also called for the influence of cryptocurrencies on monetary policy, financial stability policy, the development of payment technology and new regulatory practices – which they refer to as regtech, among other things – to be taken into account.

Why should Ukraine accelerate the implementation of the cryptocurrency law?

The NBU is increasingly interested in the idea of ​​regulating the sector, and the bill has made the central bank one of the bodies that could be involved in overseeing the industry.

It previously stated that “legalizing” cryptocurrencies provides legal protection to customers of crypto exchanges and other crypto-related businesses.

Earlier this year, the country’s head of cybersecurity police also called for cryptocurrencies to be legalized – claiming that cryptocurrencies are now used in almost all forms of crime.

Meanwhile, the government has taken a cautious pro-crypto stance. The country’s finance minister called cryptocurrencies “promising” back in March, while efforts were being made at the country’s high-performance nuclear power plant to supply cryptocurrency miners with surplus nuclear power.

Ukraine, one of the most crypto-active countries in the world, is striving to be a dream jurisdiction for crypto companies. Legislators and the local crypto community are working together on a package of laws that will bring cryptocurrencies into the country’s legal system, open banks to crypto startups, and provide a simple process for tax reporting.

But Ukraine still has an important hurdle to overcome: real world politics.

In 2014 Russia annexed the Crimean peninsula and sponsored troops for the invasion of eastern Ukraine. A civil war ensued and it came to a standstill. Since then, the conflict has drained Ukraine’s economy.

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