The National Bank of Ukraine Concedes Integration of Bitcoin

News and Analysis

According to Natalia Lapko, the head of payment systems department of the National Bank of Ukraine, the regulator concedes the possibility of integrating Bitcoin in Ukraine’s financial system.

She told the bank is not going to “be in arrears of the global innovations” and has its eye on development of crypctocurrency markets both globally and in Ukraine.

“It looks appealing to me that new technologies in our country are somewhere ahead. We are all interested in their development,” Lapko stated noting that the hype around cryptcurrencies is the main latest financial trend. For that reason, the National Bank is engaged in effecient negotiantions with the bitcoin community.

However, the National Bank says that practical application of digital currencies requires thorough thinking and monitoring on the side of state regulators.

“The National Bank of Ukraine will keep on studying the experience in implementation of innovative payment products, and monitor the policies carried out by central banks and governments of other countries in order to settle the virtual currency issue within Europeand and global contexts. I don’t think that the world community will leave the phenomenon completely uncontrolled,”
Lapko said.

This means that all directives issued by the Ukrainian regulator will be based on worldwide opinions and global rules based on a unified legal framework. However, the bank thinks that active employment of advanced innovations can benifit Ukrainian citizens in the first place, as the key advantage of Bitcoin integration for Ukraine is facilitation of cross-border payments and access of small and medium businesses to international market outlets.

According to Sergei Shatski, head of retail payments department at the National Bank, the complex program for development of Ukraine’s financial sector scheduled up to the year 2020 provides further development of cash-less circulation and cash-less retail operations using e-payment tools. He says there have already been some moves in that direction.

“Efficient commercialization of our national payment system depends, among other things, on innovative soliutions to be implemented. We realize that basic functionality may be satisfactory for the market only for a short while. The future belongs to advanced technologies. The regulator approves of all initiatives promoting cash-less payemnts in Ukraine. We are open to discussions on all new trends in this regard,” Shatski stated.

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