Central Bank of Ukraine suspends electronic cash transfers

Friday 25 February 2022 13:20 CET | News

Ukraine’s central bank has announced it currently suspends digital money transfers, as a measure implemented following the state’s recent declaration of the martial law.

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. 

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Keywords: Russia Ukraine War, central bank, cryptocurrency, e-wallet, digital wallet, digital payments
Categories: Payments & Commerce
Companies: The National Bank of Ukraine
Countries: Ukraine
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