The National Bank of Ukraine does not consider cryptocurrency as a legal means of payment

The National Bank of Ukraine continues to maintain the position that the hryvnia is the only legal means of payment in the country, while cryptocurrency requires additional legislative regulation. This was announced by NBU Chairman Andriy Pishnyi in his interview. Pishnyi emphasized that the use of cryptocurrencies is associated with the risks of shadow circulation and requires clear regulation, in particular due to the growing use of crypto-assets after the establishment of a limit on P2P transfers.

The head of the National Bank emphasized that cryptocurrency is not considered a legal means of payment in Ukraine. At the same time, the National Bank is actively working on the issue of legislative regulation of the virtual assets market. According to him, the European experience and requirements of financial monitoring are currently being studied in order to develop comprehensive proposals.

Pyshnyi also noted that since October 1, 2024, after the introduction of the limit on P2P transfers of UAH 150,000, the use of cryptocurrencies in various schemes has intensified. This requires increased control and transparent rules in this market.

The National Bank is working together with other stakeholders to create a transparent and understandable regulatory framework for the cryptocurrency market. Pyshnyi emphasized that today the market of virtual assets mainly serves shadow operations and optimization schemes. He also noted that the adoption of Law No. 11043, which improves the NBU’s functions regarding state regulation of financial services, will contribute to the prevention of abuses in payment transactions.

The National Bank continues to work on regulating the market of virtual assets in Ukraine, taking into account the risks associated with their use in the shadow sector. The hryvnia remains the only legal means of payment, and the issue of the use of cryptocurrencies requires clear legislative regulation.