Policy Progress: Parliament Makes Positive Move for Liberalization of Cash Payments

The Chamber welcomes passing in the first reading the Draft Law #4117 "On Amendments to Certain Legal Acts of Ukraine regarding Liberalization of Cash Payments" by the Parliament of Ukraine. Adoption of this Draft Law as a whole will enable the business to cut transaction costs and make receiving the payments easier.

It is expected that introduction of a new type of registers - distributed computer-based cash register systems - will make it possible to store fiscal information on the central fiscal server, which would enable businesses to use common devices such as tablets, smartphones, laptops, and computers as terminals. In its turn, a digital signature applied to the receipt ensures the integrity of information. Introduction of such innovative changes will make it easier for retailers, online shops, as well as SMEs to receive cash and cashless payments.