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January 4th, 2024
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Following Russia’s Invasion: Ukraine Suspends The Use of Electronic Money
CryptoPotato | | Feb 24, 2022
Ukrainian financial services providers will halt the issuance, replenishment, and distribution of electronic money, the country's central bank announced.
Putin’s “special military operation” caused major financial uncertainty in Ukraine. To bring more clarity to the situation, the National Bank of Ukraine informed that local monetary institutions will suspend the issuance and distribution of electronic money.
Ukraine’s Central Bank Introduces Its Policies
It is safe to say that Russia’s military operation in Ukraine is the top news today (February 24). As Russian troops are heading towards the biggest cities of their neighbor, many of the latter’s citizens started leaving their homeland.
See: Open-source intel’s offers valuable insight into global conflicts but misinformation remains a challenge
The National Bank of Ukraine ensured that branches will work in an “uninterrupted mode in the absence of threat to life and health of the population.” It also provided access to safe deposit boxes and non-cash payments. In addition, ATMs are supported by cash without restrictions, the institution informed.
As of today, though, local banks will suspend the issuance, replenishment, and distribution of electronic money. Such funds usually refer to fiat currencies in digital form, as it remains unclear whether this extends to cryptocurrencies.
The central bank also introduced a moratorium on cross-border foreign currency payments. The move is expected to enhance the employment of the Ukrainian hryvnia and thus protect it from a freefall in the days to follow.
See: U.S. CISA Agency warns of potential increase in Cyber threats
Subsequently, the institution halted the financial operations of those residents who took part in the armed aggression against Ukraine.
“Appropriate actions are necessary to ensure the reliable and stable functioning of the country’s financial system and maximize the activities of the Armed Forces of Ukraine, as well as the smooth operation of critical infrastructure,” the National Bank of Ukraine summarized.
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