The recent stance of the National Bank of Ukraine (NBU) on encryption assets has attracted widespread attention. NBU President Andriy Pyshny publicly stated his support for implementing reasonable and legal regulations on encryption assets, but firmly opposes their use as a means of payment. This attitude clearly delineates the policy boundaries of the NBU: the hryvnia remains the only legal tender.

Pishni emphasized that the legalization of encryption assets should not become a tool to evade wartime exchange rate controls or to foster the shadow economy. He called for strict adherence to FATF anti-money laundering standards and the European MiCA regulations to ensure that the regulation of encryption assets complies with international standards.

At the same time, the NBU is actively promoting its digital currency project "e-hryvnia". The project is currently in the technological architecture exploration phase and will soon enter the pilot phase. The NBU is particularly focused on learning from the experiences of other central banks, with special attention to the development of the digital euro project. To this end, the NBU has established cooperative relationships with the European Central Bank, the Deutsche Bundesbank, the National Bank of Belgium, the Banque de France, and the Monetary Authority of Singapore.

The central bank of Ukraine's policy stance reflects its efforts to seek a balance between digital financial innovation and traditional monetary policy. On one hand, the NBU recognizes the potential and significance of encryption assets; on the other hand, it is also wary of the impact these emerging technologies may have on monetary policy. By advancing its own digital currency project, the NBU hopes to keep pace with global fintech developments while maintaining the effectiveness of its monetary policy.

This prudent and forward-looking attitude reflects Ukraine's strategic considerations for the future of digital finance in the context of a complex international environment and domestic economic situation. With the advancement of the e-hryvnia project, Ukraine may achieve significant progress in the field of digital currency, providing valuable experience for other countries.