Ukraine Suspends Electronic Bank Transactions Following its Unrest with Russia

National Bank of Ukraine

February 25, 2022

Reading Time: 2 minutes

Following the ‘Special Military Opetation’ Russia launched in Ukraine, a lot of financial uncertainty is crippling up.

National Bank of Ukraine has released new directions in connection to martial law. As of yesterday, all local money institutions have been suspended from issuing and distributing electronic money.

NewFound Policies in Ukraine

Russia’s invasion of Ukraine continues to be trending news throughout the world. Citizens, neighbors, and friends to the independent country are anxious about the extent to which the ‘Special Military Operation’ will go. Many of Ukraine’s citizens have already started leaving their homes.

The National Bank of Ukraine maintains a firm stance amidst all the occurring chaos. The bank aims to continue providing an uninterruptable mode of business free from threats to the life and health of citizens.

The following were the directives from the National Bank of Ukraine

  • Safe deposit boxes, non-cash payments, and ATM s will continue to be in cash without restrictions.
  • Suspend foreign market exchange limits.
  • Limit the amounts that can be withdrawn from consumer bank accounts
  • Restrict the withdrawal of foreign currency from consumer accounts.
  • Local money institutions should suspend the issuance, replenishment, and distribution of electronic money.

The bank ordered to ‘suspend e-money issuers, replenish e-wallets with e-money, and distribute e-money to e-money issuing banks.’

From the statement above, we are a bit unsure what e-money refers to. Most likely, this is a directive to fiat currency in digital forms such as the ones held in Paypal or Cash App Digital Bank.

The central bank in Ukraine was granted permission to issue Central Bank Digital Currencies last year. However, with the ‘special military operation’ ongoing, the state of Crypto and other digital currencies in the country remains equally uncertain.

Similar to all other financial markets, the crypto industry reacted to Russia’s invasion of Ukraine. Yesterday, Bitcoin prices dropped to nearly $34,000 and ETH $2,300.

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