of May 26, 2020 No. 13-rd
About activities of Board of the National Bank of Ukraine concerning enhancement of payment system and problem of digital currencies of the Central Banks and payment systems on blokcheyna
On the basis and within the powers determined in Item 13 parts one of article 9 of the Law of Ukraine "About the National Bank of Ukraine", having considered materials of Board of the National Bank of Ukraine (the letter of February 14, 2020 No. B/09-0004/12474), considering discussions at meeting, Council of the National Bank of Ukraine DECIDED:
1. Take into consideration information of Board of the National Bank of Ukraine concerning enhancement of payment system and problem of digital currencies of the Central Banks and payment systems on blokcheyna and information of the member of council of the National Bank of Ukraine Victor Kozyuk concerning problems and the prospects of development of digital currencies of Central Banks and the analysis of results of pilot project "E-hryvnia".
2. Approve recommendations to Board of the National Bank of Ukraine and Cabinet of Ministers of Ukraine which are attached.
3. To board of the National Bank of Ukraine till October 1, 2020 to inform Council of the National Bank of Ukraine on accomplishment of Item 2 of this decision with obligatory specifying of documents which correspond to the made management decisions.
Chairman of the board
to the Decision of Council of the National Bank of Ukraine of May 26, 2020 No. 13-rd
Recommend to Board of the National Bank of Ukraine relatively:
1. Digital currency of Central Bank (E-hryvnia):
1.1. Inform Council of the NBU on the decision and further actions according to the analysis, preparation or introduction of E-hryvnia as digital currency of Central Bank.
1.2. Take into account that scales and technical component (testing of technology, but not product) of the E-hryvnia project, do not allow to estimate fully losses and benefits from introduction of E-hryvnia as digital currency of Central Bank. In case of decision making about introduction of E-hryvnia to carry out more large-scale project for assessment of system effects in the sphere of monetary policy, financial stability, transformation of business models of banks, behavior of participants of the payment market, reliability of technical solutions.
1.3. Begin research of potential consumer motivations and potential demand for E-hryvnia.
1.4. Perform the analysis of influence of E-hryvnia on activities of banks and consequences for monetary policy and financial stability.
1.5. Consider feasibility of realization in Ukraine of the TsVTsB alternative models, including by carrying out the analysis and testing of decisions which are already used (are tested) by other Central Banks of the world.
2. To electronic payment system of the National Bank of Ukraine:
2.1. Provide increase in efficiency of functioning of electronic payment system of the National Bank of Ukraine by extension of regulations of its work and functionality.
2.2. Begin communications with the National commission on securities and the stock market and National depositary of Ukraine for the purpose of implementation of the international standard ISO 20022 "Financial services - the Universal scheme of messages for financial industry".
3. To supervision (oversight) of payment systems:
3.1. Provide carrying out complex estimation of infrastructures of the financial market on compliance to the international standards of PFMI "The Principles for Infrastructures of the Financial Market" published by International settlements bank and International Organization of Securities Commissions and preparation of changes in the legislation for the purpose of fixing of powers of the National Bank of Ukraine concerning oversight of key infrastructures of the financial market".
Take effective measures on implementation of the European Union directives and international standards regulating operating procedure of infrastructure of the payment market and implementation of supervision (oversight). Speed up work on preparation and signing of the memorandum of cooperation between the National Bank of Ukraine and the National commission on securities and the stock market concerning oversight and supervision of settlement systems on securities, the central depositary, the central partner and trade repository.
4. To national payment service provider "PROSTRANSTVO":
4.1. Analyse economic feasibility of support of NPS "SPACE" and take effective measures on increase in efficiency of its work, including by more active attraction of NPS "SPACE" to servicing of retirement and other social benefits, in particular, in the remote areas and settlements.
4.2. Promote distribution of innovative instruments of clearing settlements on platform NPS "SPACE", in particular, to realize technical solution for NPS "SPACE" on ensuring the GooglePay or ApplePay services with possibility of use for strengthening of competitiveness of system and promoting of NPS "SPACE" among the population.
Recommend to the Cabinet of Ministers of Ukraine and National Bank:
1. Organize support to senior citizens on mastering skills of cashless payment, in particular - in the form of informing on opportunity, rules and safety of calculations, assistance to establishment and training of use of specialized payment programs.
2. Provide possibility of implementation of cashless payments by consumers which are in self-isolation and have no access to digital devices (by delivery of mobile terminals, assistance to equipment of mails and messenger services and services of the public assistance mobile applications for processing of payment cards and training of use of them, expansions of network of POS terminals for cashless and cash payment).
3. Develop and integrate the specialized programs for implementation of cashless payments adapted for use by people of advanced age with payment networks of one or more national banks if they have the smartphone or Internet access.
4. Promote implementation of settlings with employees of public institutions, and also implementation of payments for benefit of the state and the companies rendering household services to the population in non-cash form.
5. Make step-by-step transfer of all receivers of retirement and other social benefits in non-cash form by registration of payment cards of national payment systems.
6. Promote enhancement of system of remote identification and verification of clients of banks and development of tools which will allow to extend practice of remote agreement signature in the financial sphere.
7. Develop complex of the actions directed to installation of payment terminals in trade enterprises in the rural zone irrespective of pattern of ownership and organizational subordination, and also in all postal departments located in the rural zone that will increase availability of banking services to locals.
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