Ukraine’s President Signs Bill Allowing Central Bank to Issue CBDC and Create Regulatory Sandbox

This article comes fromBitcoin.com, original author: Lubomir Tassev

Odaily Translator |

, original author: Lubomir Tassev

Odaily Translator |

Ukrainian President Volodymyr Zelensky has signed a law allowing the National Bank of Ukraine (NBU) to issue its own digital currency. The new legislation, which brings Ukraine’s regulations in line with EU rules, will also strengthen certification requirements for customers of payment service providers.secondary title

New legislation allows Ukraine's central bank to issue digital currencyThe Ukrainian Presidential Palace announced on July 29 that, President Volodymyr Zelensky has signed the On Payment Services Act, which was previously passed by the Ukrainian Parliament on June 30. The announcement explained that the legislation aims to "modernize and further develop" the payment services market and foster innovation in the financial sector.

a survey showed

, the country’s financial sector hopes the e-hryvnia will facilitate transactions in the crypto space.

The NBU, the central bank of Ukraine, will also be able to create a regulatory sandbox to test new services, technologies and tools based on innovative technologies in the payment sector, the president's office explained. The platform will enable financial regulators to interact closely with startups in the sector and better understand their needs.

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Ukraine to introduce stricter user authentication rules for payment service providers

The Payment Services Law aligns Ukrainian legislation with the EU’s official framework in this area, hoping to facilitate the future integration of the country’s payment system with the EU system. Ukrainian lawmakers adopted the norms of important European regulatory acts, such as the second edition of the Payment Services Directive (PSD2) and the Electronic Money Directive (EMD).