The National Bank of Ukraine mentioned the transfer is meant to stop an unproductive outflow of capital.
Crypto purchases can solely be accomplished utilizing international foreign money, with month-to-month restrictions of 100,000 Ukrainian hryvnia per particular person.
Ukraine’s central bank has banned the use of the native foreign money hryvnia in the acquisition of cryptocurrency, in keeping with a information launch on Thursday.
Per the announcement, the National Bank of Ukraine made the transfer as half of efforts meant to limit the unproductive outflow of capital throughout this time of warfare.
The ban means no cross-border transactions involving residents, a measure taken in line with martial legislation that has been in place since Russia’s invasion in February.
Only international foreign money
According to the central bank, these looking for to purchase cryptocurrencies will solely be allowed to take action utilizing international foreign money. All crypto purchases have now been restricted to UAH 100,000 (Ukrainian hryvnia) per thirty days (roughly $3,400 as per present charges).
The National Bank has additionally allowed an identical quantity (UAH 100,000 per thirty days) in cross-border P2P transfers as half of supporting IDPs from Ukraine. However, the transactions have to be produced from bank accounts the people opened with the Ukrainian nationwide foreign money.
As nicely as crypto, the bank has designated topping up of digital wallets, foreign exchange or brokerage accounts and fee of traveller’s checks as ‘quasi money transactions.”
The measures are additionally meant to bolster the international alternate market, the central bank mentioned. It’s additionally focused at “reducing pressure on Ukraine’s international reserves.”
