THELOGICALINDIAN - President Volodymyr Zelensky has active a law that will acquiesce the National Bank of Ukraine to affair its own agenda bill The new legislation which aligns Ukrainian regulations with EU rules will additionally anneal affidavit requirements for audience of acquittal account providers
New Legislation Allows Ukrainian Central Bank to Issue Digital Currency
The Admiral of Ukraine Volodymyr Zelensky has active the law “On Acquittal Services” which was adopted by the Ukrainian assembly on June 30, the president’s administering appear this week. The legislation aims to “modernize and added develop” the acquittal casework bazaar and advance the addition of innovations in the banking sector, a press release explains.
One of the accoutrement in the bill grants the National Coffer of Ukraine (NBU) admiral to affair its own axial coffer agenda bill (CBDC). Authorities in Kyiv accept been answer over a activity to actualize a agenda hryvnia for absolutely a while. A afresh conducted survey has adumbrated that the country’s banking area would like the e-hryvnia to facilitate affairs in the crypto space.
NBU will additionally be able to set up a authoritative head to analysis new services, technologies and accoutrement in the payments area that will be based on avant-garde technologies, the president’s appointment explained. The belvedere will acquiesce the banking regulator to carefully collaborate with startups from the industry and bigger accept their needs.
Ukraine to Introduce Stricter User Authentication Rules for Payment Service Providers
The law “On Acquittal Services” aligns Ukraine’s legislation with the EU’s august framework in the field, facilitating a approaching affiliation of the country’s acquittal arrangement with that of the European Union. Ukrainian assembly accept adopted the norms of important European authoritative acts such as the Second Acquittal Directive (PSD2) and the Electronic Money Directive (EMD).
The legislation is tailored to ensure accuracy in the accouterment of acquittal casework and strengthen customer protection. Acquittal companies will accept to accommodated stricter requirements apropos accident management. In assertive cases, the platforms will be appropriate to apparatus added user affidavit procedures, all-important to anticipate cyber fraud.
The law defines nine altered categories of acquittal account providers, introducing new ones like cyberbanking money institutions and branches of adopted acquittal institutions. Non-bank acquittal account providers, such as acquittal institutions, e-money institutions, and postal operators will be able to accessible acquittal accounts, affair acquittal cards, and cyberbanking money. Non-bank banking institutions will not be appropriate to participate in acquittal systems in adjustment to accomplish transfers.
The presidential administering additionally acicular out that the law “On Acquittal Services” creates altitude for the addition of the ‘open banking’ abstraction in Ukraine. Its capital purpose is to accommodate assorted account providers and technology companies into a distinct acquittal ecosystem. Authorities in Kyiv achievement to apparatus the accessible cyberbanking arrangement by 2023.
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