Ukraine Central Bank Suspends Use of Electronic Money Following Russian Invasion

The ban is one of several restrictions imposed by the National Bank of Ukraine on the imposition of martial law in the country.

AccessTimeIconFeb 24, 2022 at 9:06 a.m. UTC
Updated Feb 24, 2022 at 4:26 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

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.

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

Trending

1
CoinDesk - Unknown
CoinFLEX Withdrawals Remain Halted as Recovery Token Talks Continue

The company had initially hoped to resume withdrawals on Thursday.

CoinDesk - Unknown
2
CoinDesk - Unknown
EU Agrees on Landmark Crypto Authorization Law, MiCA

The world’s third biggest economy wants the Markets in Crypto Assets Regulation to protect investors and set up strict standards for stablecoin issuers.

CoinDesk - Unknown
3
CoinDesk - Unknown
Welcome to a Day in the Life of a 'Chief Metaverse Officer'

A tax accountant with decades of experience may be the world’s first “CMVO” with an office in Decentraland.

CoinDesk - Unknown
4
CoinDesk - Unknown
Biden Official Says US Government Could Pass Stablecoin Rules by End of Year

The President’s Working Group on Financial Markets discussed issues that should be addressed by stablecoin legislation in a meeting Thursday.

CoinDesk - Unknown