The National Bank of Ukraine ordered e-money issuers to suspend the issuance of e-money and funding e-wallets with digital money. The measure refers to fiat currencies held in digital accounts through various online platforms, including Venmo and PayPal, and follows a set of resolutions amid the current tensions with Russia.
Other actions taken by the National Bank include suspending the foreign exchange market, cash withdrawals, and the prohibition of issuance of foreign currencies from retail bank accounts.
Under these circumstances, cryptocurrencies seem like a viable payment method for Ukrainians. In a law signed back in 2021 by the country’s president, Volodymyr Zelenskyy, the country’s central bank was looking to rebrand itself as a safe destination for digital currencies and issue its own digital currency. The parliament was also looking into ways to legalise and regulate cryptocurrencies across Ukraine.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.