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Ukrainian central bank prohibits crypto purchases

Ukrainian central bank prohibits crypto purchases

Last updated 29th Jun 2022
Disclosure
  • Authorities invoked martial law, which took effect when Russia invaded the country
  • Individuals can only buy crypto worth up to 100,000 hryvnia ($3,400) per month
  • Ukraine officially legalized crypto last month

Ukraine's central bank has prohibited the purchase of cryptocurrency using hryvnia, the country's national currency, CoinDesk reported. Authorities invoked martial law, which took effect when Russia invaded the country.

Limit of $3.4K imposed

Individuals can only buy crypto worth up to 100,000 hryvnia ($3,400) per month, the country’s central bank announced on Thursday.

The law classifies crypto purchases as "quasi cash transactions," which also covers e-wallet replenishment, travelers’ check payments, or brokerage or forex account.

The bank took these measures "to prevent unproductive outflow of capital from the country under martial law."

Ukraine legalizes crypto

Ukraine officially legalized crypto in the country last month. The National Commission on Securities and the Stock Market will determine and regulate the classification, legal status, and ownership of the virtual assets.

Since the beginning of the war, Ukraine has received at least $100 million in crypto donations.

Daniela Kirova

Daniela Kirova

Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.