The evolution of legislative regulation of money circulation in Ukraine: historical and legal analysis

The article provides a comprehensive analysis of the evolution of legislative regulation of monetary circulation in Ukraine, covering the key stages of development – from the period of Kyivan Rus to the modern independent Ukraine. Particular attention is paid to the historical context of the monetary system, in particular, the impact of socio-economic and political factors on the formation of the legislative framework. The study examines in detail the first attempts to regulate monetary circulation during the period of Kievan Rus, the Hetmanate, the Ukrainian People’s Republic, the Soviet period, as well as the main stages of formation of financial and legal mechanisms in the conditions of independent Ukraine. The author analyses the regulatory framework that enshrines the functions and powers of the central bank as the main regulator of the state’s monetary policy. The role of the National Bank of Ukraine in ensuring the stability of monetary circulation is determined, in particular, the impact of its monetary policy on reducing inflationary pressures, stabilising the national currency and regulating the banking system. The author also examines the current challenges for legislative regulation, in particular, Ukraine’s integration into the global financial system, introduction of digital technologies and development of the electronic hryvnia. The article also examines the prospects for improving legal regulation in the context of globalisation, innovative development and the crisis caused by the war. The article also analyses the international experience of regulating monetary circulation, which may be useful for improving the Ukrainian legal framework. Historical lessons and their impact on modern regulation are assessed, which contributes to the formation of a holistic view of the problem. Recommendations for improving the legal mechanisms for regulating monetary circulation in Ukraine aimed at enhancing the stability of the national currency, developing the banking system, and adapting to the challenges of digitalisation are proposed. The study contributes to a deeper understanding of the evolution of financial legislation and the formation of a strategy for the sustainable development of Ukraine’s monetary system. The findings can be used to improve the legal and regulatory framework governing monetary circulation, taking into account international experience and current economic realities. They will also contribute to the development of effective monetary instruments to maintain macroeconomic stability, strengthen confidence in the national currency, and ensure the financial security of the state. Implementation of the proposed recommendations will increase the adaptability of the banking system to technological changes, minimise the risks associated with illegal money circulation, and facilitate Ukraine’s integration into the global financial space.