Governor of the National Bank of Ukraine Supports Cryptocurrency Legalization but Opposes Its Use as Payment.
The Governor of the National Bank of Ukraine (NBU) – Mr. Andriy Pyshnyy – recently affirmed his support for cryptocurrency legalization but firmly opposes using them as direct payment methods. According to him, if cryptocurrencies were to circulate as an alternative payment form replacing legal tender, this could weaken the NBU's monetary policy tools, making it difficult to control inflation and macroeconomic stability.
Mr. Pyshnyy stated that the NBU is currently in the testing phase of the Central Bank Digital Currency (CBDC) architecture and is preparing to launch pilot projects. This is seen as a strategic move for Ukraine to catch up with global financial trends while maintaining control over national monetary policy.
In the context of accelerating European integration, Ukraine is particularly interested in the development of the Digital Euro project. Currently, the NBU is closely collaborating with the European Central Bank (ECB), the German Federal Bank (Bundesbank), the National Bank of Belgium, the French Bank, and the Monetary Authority of Singapore to share experiences and prepare technical infrastructure.
In fact, legalizing cryptocurrencies while limiting payment functions is not new. Countries like Japan and South Korea also allow trading and investing in Bitcoin and Ethereum but still require goods and service transactions to be conducted through legal tender. This approach helps the cryptocurrency market develop and attract investments while ensuring national financial security.
Related to this trend, in early 2025, under President Donald Trump's administration, the US government signaled intentions to relax certain regulations in the blockchain industry to promote innovation. This is creating a ripple effect, prompting many countries, including Ukraine, to consider policies that both encourage new technologies and protect traditional financial systems.
