NBU Governor Pyshny’s idea to replace kopecks with steps is not practical, according to a statement.

The National Securities and Stock Market Commission (NSSMC) has criticized the bill that proposes renaming kopecks into steps.

This is stated in the review of the National Securities and Stock Market Commission, approved at the commission meeting on October 14.

In particular, the National Commission points out that changing the name of the change coin will lead to the need to make changes to many systems of capital market participants, including the Central Securities Depository, as well as to the registers of the National Securities and Stock Market Commission, due to the need to change the name of the monetary unit of the nominal value of securities.

In addition, there will be a need for issuers of securities to re-issue global certificates and certificates of issue of securities, which indicate information on the nominal value of securities.

“This will require financial resources and time, which will lead to a negative perception of this legislative initiative on the part of capital market participants,” the National Securities and Stock Market Commission noted.

Furthermore, the National Commission believes that during martial law, the proposed legislative changes are not a priority or urgent matter and will divert the efforts and resources of market participants.

“Such legislative proposals lack economic justification and feasibility, and merely divert state resources from the needs of security and the protection of the state from an aggressor country,” the NSSMC concluded.