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Ukraine's Central Bank Bans Crypto Purchases in Local Currency
Individuals may only purchase crypto using foreign currency up to a value of 100,000 Ukrainian hryvnia ($3,400) per month.
Updated May 11, 2023, 5:12 p.m. Published Apr 22, 2022, 11:45 a.m.
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Ukraine's central bank has banned the purchase of cryptocurrency using the country's local currency, invoking martial law which has been in effect since the invasion by Russia.
- Individuals may only purchase crypto using foreign currency up to a value of 100,000 Ukrainian hryvnia ($3,400) per month, the National Bank of Ukraine said on Thursday.
- Crypto purchases are classed as "quasi cash transactions," which also includes replenishment of electronic wallets and brokerage or forex accounts and payment for traveler's checks.
- The measures are being taken "to prevent unproductive outflow of capital from the country under martial law."
- Ukraine formally legalized crypto in the country last month, determining the legal status, classification, ownership and regulators of virtual assets to be regulated by the National Commission on Securities and the Stock Market.
- At the time, Ukraine had received at least $100 million in crypto donations since the Russian invasion.
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