“Virtual Assets Cannot be Means of Payments,“ Says Ukraine Central Bank While Backing Legalization

Ukraine’s central bank said that digital assets can be legalized and regulated, but they can’t be used as legal tender. While National Bank of Ukraine (NBU) is opening the door to a compliant virtual asset market, it is opposed to recognizing any cryptocurrency as legal tender.

NBU Chairman Andriy Pyshny said on 7 August 2025, “When forming the legislative framework for the implementation of virtual assets, in view of European integration, we must move in a clear direction, which is determined by the European MICA directive and the relevant EU Regulations.”

“At the same time, this directive entered into force only in January 2025 and it provides a fairly wide scope for discretion and national regulation,” he added. 

NBU emphasized that “red lines” around monetary sovereignty, payment functions and circumvention of capital controls during wartime. 

“It is important for us that our “red lines” are clearly observed,” Pyshny said. “Virtual assets cannot be a means of payment, cannot in any way undermine the effectiveness of our monetary instruments.”

“There should be no transfer of monetary powers and no undermining of the capabilities of the National Bank due to the legalization of virtual assets,” he added.

Cryptocurrency will not become a means of payment in Ukraine — this is the National Bank's "red line", said the main central banker.
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Dear National Bank of Ukraine, here you go

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