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Ukraine Puts CBDC On Par With Cash in New Payments Law
The Ukrainian legislation now lists the future central bank digital currency as a kind of money similar to cash or bank accounts.
The Ukrainian parliament considers the European country's possible central bank digital currency (CBDC) to be functionally similar to cash or other payment tools.
STORY CONTINUES BELOW
The Verkhovna Rada, the governing body of Ukraine, passed a law regulating payment methods on Wednesday. The new law on payment services contains just a brief mention of the future CBDC, but it officially puts the yet-to-be-launched electronic hryvnia (Ukraine's national currency) on par with cash, bank accounts and electronic payments.
The law mentions the "digital money of the National Bank of Ukraine – electronic form of a unit of account in Ukraine, emission of which is run by the National Bank of Ukraine."
The National Bank of Ukraine (NBU) has been looking into potentially launching a CBDC since 2018 and has even built a prototype on the Stellar blockchain. However, the project hasn't advanced much since, although the NBU has not appeared to give up on it: In 2019, the regulator hosted a conference dedicated to CBDCs with speakers from several other central banks that have also been exploring the potential of a CBDC.
Read also: From Risky to Promising: Ukraine’s Quest to Become a Dream Crypto Jurisdiction
NBU also published a report on the e-hryvnia in September 2019, talking about the 2018 pilot and analyzing the advantages and disadvantages of using decentralized tech for a CBDC.
Anna Baydakova
Anna writes about blockchain projects and regulation with a special focus on Eastern Europe and Russia. She is especially excited about stories on privacy, cybercrime, sanctions policies and censorship resistance of decentralized technologies. She graduated from the Saint Petersburg State University and the Higher School of Economics in Russia and got her Master's degree at Columbia Journalism School in New York City. She joined CoinDesk after years of writing for various Russian media, including the leading political outlet Novaya Gazeta. Anna owns BTC and an NFT of sentimental value.
