Ukraine Central Bank Explores Crypto Legalization with Strict Payment Restrictions

The National Bank of Ukraine (NBU) is cautiously advancing toward cryptocurrency legalization while drawing firm boundaries. Governor Andriy Pyshnyy explicitly ruled out recognizing crypto as legal tender, calling it a "red line" that would compromise monetary policy effectiveness. The central bank insists digital assets must not undermine hryvnia dominance or enable circumvention of wartime currency controls.

Regulatory frameworks will prioritize FATF compliance and EU standards, with robust transaction monitoring systems to deter illicit activity. The NBU views regulated crypto adoption as a strategic move to bolster Ukraine's standing in global finance—provided transparency improves. Parallel to these deliberations, the bank is piloting an e-hryvnia CBDC through a technical partnership, testing infrastructure for sovereign digital currency.