A cerebrospinal fluid (CSF) shunt comprises a ventricular catheter and an electroactive polymer actuated valve for regulating the drainage rate of CSF from the brain ventricle of a patient. The shunt system also comprises a distal catheter for discharge of the CSF to a separate location in the patient's body such as the peritoneal cavity or atrium of the heart. The electroactive polymer actuated valve regulates the flow rate of CSF through a predetermined threshold pressure, which can be adjusted and programmed externally from the patient's body by means of an external control unit signal, as well as through a signal indicated by an internal sensor or an electroactive polymer transducer. The sensor also communicates a signal to the external control unit for indicating the internal pressure at a single location or multiple locations throughout the fully implanted shunt assembly.