- Ukraine President has passed a bill into law on payment services.
- The National Bank of Ukraine now has the right to issue its own CBDC.
- Ukraine’s law on payment services follows that of the European Union (EU).
The incumbent President of Ukraine Volodymyr Zelensky has officially endorsed a bill into law towards payment services in the country. The law now enables the National Bank of Ukraine (NBU) to create its own Central Bank Digital Currency (CBDC).
Also, the law seeks to further remove the hefty authentication process from clients who are in charge of payment services. Meanwhile, the law follows that of the European Union rules and framework. This will help join Ukraine’s payment system with the EU’s in the future.
Again, the law will exclusively help to restore and broadly reshape Ukraine’s current payment services market. In doing so, this will promote extreme innovations mainly towards the country’s financial sector.
Casting our mind back, the Ukrainian pa...