The Central Bank of Ukraine bans crypto purchases in local currency

According to a press release on Thursday, the Central Bank of Ukraine has banned the use of the local currency hryvnia when buying cryptocurrency.

According to the announcement , the National Bank of Ukraine took the step as part of its efforts to curb the wartime unproductive outflow of capital.

The ban means no cross-border transactions with citizens, a measure consistent with martial law in place since the Russian invasion in February.

Foreign currency only

According to the central bank, anyone who wants to buy cryptocurrencies can only do so with foreign currency. All crypto purchases are now capped at 100,000 UAH (Ukrainian hryvnia) per month (about $3,400 at current rates).

The National Bank has also allowed a similar amount (UAH 100,000 per month) for cross-border P2P transfers as part of supporting internally displaced persons from Ukraine. However, the transactions must be made from bank accounts opened by the individuals using the national currency of Ukraine.

In addition to crypto, the bank has referred to charging electronic wallets, forex or brokerage accounts, and paying traveler's checks as " quasi-cash transactions ."

The measures are also intended to strengthen the foreign exchange market, the central bank said. It also aims to “ relieve the pressure on Ukraine's international reserves ”.

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