The Central Bank of Ukraine said that they don’t have risks because of the crypto industry but regulation is needed.
Crypto industry is growing day by day. After El Salvador’s Bitcoin law, many countries are getting better influence and trying to adopt the crypto industry in a more favourable way Instead of ban or high restrictions like decisions. In the latest Central Bank of Ukraine shared their stances on the crypto industry
In a recently released notice by the Central Bank of Ukraine, we can see Ukraine is highly friendly with the crypto industry and they want better development and push for crypto.
The National Bank of Ukraine asserted that they are considering crypto and blockchain based technology & its innovation as a part of opportunities and improvement for the financial infrastructure.
According to NBU, Bitcoin-like crypto assets are not risky for the Monetary policy of Ukraine and also for its financial ecosystem. But its volatility is an issue, which can be fixed through an adoption by the financial institutions officially, so that people can adopt it with more confidence.
NBU further added that they will take care about the crypto adoption and associated risks. They took the reference of the StableCoins and said that cryptocurrencies ultimately pose a potential risk of replacing the national currency and the “emergence of parallel money circulation” outside the control of the NBU. And there is another risk of outflow of money to other countries.
So here NBU is considering friendly regulation for crypto but with the consideration of the potential risks they are also aware and they believe that better regulation can solve such issues.
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