Ukraine’s Central Bank Calls on Government to Speed Up Cryptocurrency Legislation
According to Cryptonews, Ukraine’s central bank’s policymaking department has called on the country’s government to speed up cryptocurrency legislation. In an official press release, the National Bank of Ukraine (NBU) Management Board urged Kiev to speed up its long-awaited regulation, urging the director to “accelerate legislative preparations to regulate the crypto asset market and transactions using (crypto assets). The central bank justified its proposal by saying the legislation would help minimize risks and promote “macrofinancial stability” on issues related to “the proliferation of transactions involving cryptoassets. It also instructed the bank’s board to “analyze the impact of crypto-asset transactions on the central bank. The central bank’s management board said the bank’s board should study the possible impact of cryptocurrencies on monetary policy, financial stability policy, developments in payment technology and new regulatory practices, among other things. Bank boards are required to report their findings by Dec. 1 of this year.