The Central Bank of Ukraine wants to legalize cryptocurrency, but not as a means of payment.

The governor of the Central Bank of Ukraine (NBU), Andriy Pyshnyy, asserted that cryptocurrency cannot become a legal means of payment in Ukraine, calling it a “red line” that must be adhered to. He emphasized that the legalization of virtual assets should not undermine the role of monetary regulation or become a tool for circumventing capital controls in the context of martial law. The management of cryptocurrency needs to comply with the international standards of FATF and Europe.

NBU is also developing the national digital currency (e-Hryvnia) and preparing to test it with a technology partner. The bank closely monitors the global CBDC progress, especially the digital Euro project. Although it has not announced a release timeline, NBU has collaborated with several major central banks such as the ECB, Germany, France, and Singapore. In June, Ukraine proposed a bill allowing NBU to hold Bitcoin.