Ukraine recently passed a new law that will allow the use of cryptocurrencies in the country and it looks like it was able to gain significant level support from one of the country’s main financial institutions.
The central bank of Ukraine has shown its support by giving its support to the development of the virtual currency industry, which should be seen as a major positive element for the future of the sector in the Eastern European country. .
The National Bank of Ukraine recently issued a statement based on the basic principles of the monetary policies they will adopt for the coming fiscal year and it has given fairly significant attention to the new regulations introduced regarding bitcoin and other cryptos that have been legalized for use .
Why has the National Bank of Ukraine developed positively?
While a number of countries have felt threatened and concerned about what cryptocurrency can do to their national identities and fiat currencies, Ukraine is one country (along with a few others in recent months) to have gone. against the norm and embrace change and technology. The country has revealed that one of the main reasons they decided to introduce the regulation is the number of promising opportunities they believe the introduction of virtual currency can offer them. For example, it is possible that technological innovations already associated with these digital coins allow a number of improvements such as access to financial services, while also introducing greater competition in the payments market.
Players could also benefit
The online gambling scene in Ukraine has benefited greatly from the introduction of crypto payment methods, as they offer bettors a number of advantages when they gamble. bitcoin live roulette, because they are able to transact more quickly, benefit from higher levels of security and anonymity. The new Ukrainian regulations will allow even more punters to be able to use crypto to play their favorite games now without having to worry too much about what can happen when using digital coins.
The National Bank of Ukraine is not concerned with the volatility of BTC and crypto
Another reason why the National Bank of Ukraine has decided to support the new Bitcoin regulations that need to be implemented is due to the impact they have had on previous monetary policies and its financial stability. According to the financial institution, Bitcoin has not had a significant impact on any of the above mentioned, despite being rare, has an adoption rate that is considered relatively limited and a level of volatility prices which can be of great concern to some.
The bank is confident that there will be an increase in adoption rates in the future, which would then reduce volatility levels. However, they have decided to take certain steps to protect themselves against any possible consequences and to ensure that they can maintain financial stability. They said they would pay special attention to the risks that can be presented by constantly monitoring them, while also focusing on private stablecoins and their adoption rates.
Concerns about replacing fiat money
Ukraine currently uses the Ukrainian hryvnia as its national currency and there are fears that crypto will replace it in the future; something the National Bank of Ukraine is keen not to let happen. They will aim to ensure that it remains the only legal tender in the country, although they will not allow this determination to hamper their efforts to continue to promote crypto simultaneously.