The office of the President of Ukraine released an official document that bothers about the signing of a new law. This new law entitled “On Payment Services” is an innovative law to enhance the Ukrainian financial ecosystem.
With the mode of legal structure and provisions, this new law seems to be in pari materia with the European Union regulatory framework; especially PSD2 and EMD.
The new bill-turned-law provided for a lot of things including bettering the open banking system in the country. As well as other laws that relate to payment service providers.
More importantly, the law provided that the National Bank of Ukraine eventually issues a central bank digital currency. Furthermore, the central bank is subsequently empowered to create a sandbox for effective piloting.
Also, the new law encouraged the central bank to effectively collaborate with startups and other relevant stakeholders. This is necessary so the central bank can produce the digital currency that will serve the core needs of institutions and individuals in Ukraine.
Thus, the National Bank of Ukraine has the go-ahead to start working on a central bank digital currency. Therefore, it is possible in the near future that Ukraine will announce its pilot testing and eventually start using the centralized currency.