While underlying some concerns, the National Bank of Ukraine has noted the benefits of crypto in several aspects of payments.
The list of central banks worldwide expressing their views on crypto and its regulation has added one more to its tally. The National Bank of Ukraine (NBU) has recently expressed its views regarding crypto, noting its advantages while also expressing its concerns regarding the industry. The National Bank of Ukraine had earlier had a skeptical stance towards crypto but has greatly loosened on its opinion in recent times.
Crypto has particularly been helpful for Ukraine after its conflict with Russia, helping to bring in millions in the form of donations. Though the NBU had earlier placed restrictions on buying crypto, the rules have been termed temporary and will gradually be relaxed.
“The National Bank is taking part in building a system of transparent and understandable regulation, which will contribute to the development of fair and efficient circulation of virtual assets,” said the NBU, laying down the importance of macro-economic stability in the country after the conflict.
Since transactions with crypto may not follow present regulations and may also result in capital outflows from the country, the central bank will take a careful approach toward regulating the sector and use its benefits to their full potential.
Along with its concerns, the National Bank of Ukraine also listed the benefits of crypto and the innovation in technology brought by digital assets. Better investments, competitive payment services, crypto donations, and improved financial services were some of those advantages, as per the NBU. Ukraine would likely frame its regulations according to the steps taken by the European Union for the crypto industry’s regulations.