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Ukraine Central Bank Suspends Use of Electronic Money Following Russian Invasion
The ban is one of several restrictions imposed by the National Bank of Ukraine on the imposition of martial law in the country.
Updated May 11, 2023, 6:27 p.m. Published Feb 24, 2022, 9:06 a.m.
Ukraine's central bank banned the issuance of electronic money and the replenishment of electronic wallets following the invasion by Russia.
- The National Bank of Ukraine announced a range of resolutions on Thursday in connection with martial law now throughout the country.
- Among them, the bank ordered "to suspend e-money issuers, replenish e-wallets with e-money, and distribute e-money to e-money issuing banks."
- In this context, e-money most likely refers to fiat currency in digital form, such as that held in a PayPal account or a cash app digital bank.
- It is unclear whether this extends to crypto or other digital currencies. Last year, the central bank was granted permission to issue a central bank digital currency (CBDC).
- The orders also suspend the foreign exchange market, limit withdrawals from consumers' bank accounts and forbid the withdrawal of foreign currency from customer accounts.
Read more: Crypto Sees $242M in Liquidations Within Hours Amid Russia-Ukraine Crisis
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The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
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- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
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