The National Bank of Ukraine prohibits the purchase of digital currencies using the national currency

The National Bank of Ukraine limits “quasi cash” operations for individuals. During the state of war, citizens are prohibited from conducting them from hryvnia accounts. Such a decision should stop the unproductive capital outflow.

Now, if Ukrainians want to replenish e-Wallet, brokerage and forex accounts, pay traveler’s checks, buy cryptocurrency, they will have to use foreign currency. At the same time, a new limit on transactions is set. Within a month, an individual can purchase assets accompanied by direct conversion into cash and make cross-border P2P transfers in a foreign currency equivalent to UAH 100,000. The regulator maintains more loyal conditions for internally displaced persons, including the ability to make cross-border P2P transfers in the amount of UAH 100,000 per month. Thus, “quasi cash” operations will be blocked. According to the administration of the National Bank, the forced measures will help to improve the economic situation in the currency market and reduce pressure on the country’s international reserves. The latter intensified throughout March as a result of the active acquisition of foreign currency by banking institutions for settlements with international payment systems and continues to remain at a fairly high level. These measures do not apply to payment cards used in Ukraine and abroad to pay for goods, services and works. The listed operations can be implemented without any restrictions.