The Central Bank of Ukraine bans the purchase of bitcoin using the national currency
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Answer The Central Bank of Ukraine bans the purchase of bitcoin using the national currency
The National Bank of Ukraine issued a statement Thursday explaining that cryptocurrency purchases using local currency are temporarily prohibited.
This is part of a broader effort to keep capital within the country’s borders while martial law is in place.
Prohibition of “quasi-cash” transactions:
clearer StatementConvertible assets that are directly convertible for cash or that are “quasi-cash” transactions can now only be purchased in foreign currencies, with a maximum of 100,000 hryvnia (UAH), which is equivalent to $3,300.
As stated in the statement:
Quasi cash transactions include:
Replenishment of e-wallets, brokerage or forex accounts, payment of travellers’ cheques, purchase of virtual assets, etc.Read:Japan fines cryptocurrency exchanges for violating Russia sanctions
Only the national currency is allowed to leave the country which is sent to the internally displaced persons of Ukraine, using P2P transfers.
These transfers are subject to the same $3,300 limit.
The Central Bank’s intention behind the restrictions is to prevent the unproductive outflow of capital from Ukraine.
The quasi-cash transactions were reportedly used to get around the bank’s current financial restrictions primarily to invest abroad, which is illegal under martial law.
However, the Financial Authority understands that international payment settlement systems are still required for foreign Ukrainians using national currency accounts abroad.
Thus, only partial restrictions were implemented on these transactions.
The changes were made by the decision of the Board of Directors of the National Bank of Ukraine on April 20.
PrivatBank, Ukraine’s largest commercial bank, has already implemented the restrictions, which will remain in place as long as martial law is in place.
Ukraine Acceptance of Cryptocurrencies:
The recent restrictions do not appear to be related to any aversion or disapproval of cryptocurrency from the Ukrainian government.
Indeed, President Volodymyr Zelensky signed a bill to create a legal framework for cryptocurrencies last month, during the height of the Russian conflict.Read:Deadline to exchange Zilliqa token and ZIL to mainnet
Indeed, crypto has been extremely beneficial to Ukraine since the beginning of the war with Russia.
Deputy Prime Minister Mikhailo Fedorov has requested global donations via cryptocurrency since the beginning of the war.
In total, the Ukrainian government has received more than $100 million in cryptocurrency to support its military.
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