Ukraine's central bank banned the issuance of electronic money and the replenishment of electronic wallets following the invasion by Russia.
- The National Bank of Ukraine announced a range of resolutions on Thursday in connection with martial law now throughout the country.
- Among them, the bank ordered "to suspend e-money issuers, replenish e-wallets with e-money, and distribute e-money to e-money issuing banks."
- In this context, e-money most likely refers to fiat currency in digital form, such as that held in a PayPal account or a cash app digital bank.
- It is unclear whether this extends to crypto or other digital currencies. Last year, the central bank was granted permission to issue a central bank digital currency (CBDC).
- The orders also suspend the foreign exchange market, limit withdrawals from consumers' bank accounts and forbid the withdrawal of foreign currency from customer accounts.
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