{"id":435667,"date":"2022-04-22T12:09:31","date_gmt":"2022-04-22T09:09:31","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ukraine-bans-bitcoin-purchases-with-local-currency-amid-martial-law\/"},"modified":"2022-04-22T12:09:31","modified_gmt":"2022-04-22T09:09:31","slug":"ukraine-bans-bitcoin-purchases-with-local-currency-amid-martial-law","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ukraine-bans-bitcoin-purchases-with-local-currency-amid-martial-law\/","title":{"rendered":"# Ukraine bans Bitcoin purchases with local currency amid martial law"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4036ba3faef\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4036ba3faef\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ukraine-bans-bitcoin-purchases-with-local-currency-amid-martial-law\/#%E2%80%9D_Ukraine_bans_Bitcoin_purchases_with_local_currency_amid_martial_law_%E2%80%9C\" >&#8221; Ukraine bans Bitcoin purchases with local currency amid martial law &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Ukraine_bans_Bitcoin_purchases_with_local_currency_amid_martial_law_%E2%80%9C\"><\/span>&#8221; Ukraine bans Bitcoin purchases with local currency amid martial law &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvNGY1ODhlZWYtM2MyMC00ZTJkLTg3ZDctMjUyM2YwNjlmYmIxLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>The National Bank of Ukraine (NBU) continues taking measures to prevent capital outflows amid martial law by enforcing major restrictions on cryptocurrency purchases.<\/p>\n<p>The Ukrainian central bank officially <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/bank.gov.ua\/ua\/news\/all\/natsionalniy-bank-zaprovadjuye-dodatkovi-zahodi-dlya-zapobigannya-neproduktivnomu-vidtoku-kapitalu\">announced<\/a> Thursday a set of restrictions on cross-border operations, prohibiting individuals from buying cryptocurrencies like Bitcoin (BTC) with the national fiat currency, the hryvnia (UAH).<\/p>\n<p>Ukrainians are now allowed to buy Bitcoin and other cryptocurrencies only with foreign currency, with total monthly purchases limited to 100,000 UAH ($3,300). The relevant limit also <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lies to international peer-to-peer transactions.<\/p>\n<p>According to the announcement, the NBU has deemed crypto purchases as \u201cquasi cash transactions\u201d alongside operations like electronic wallet deposits, foreign exchange transactions and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">travel<\/a> payments. By adopting restrictions on such transactions, the central bank aims to prevent the \u201cunproductive outflow of capital\u201d from the country amid martial law.<\/p>\n<p>\u201cThe relevant changes will help improve the foreign exchange market, which is a necessary prerequisite for easing restrictions in the future, as well as reducing pressure on Ukraine&#8217;s international reserves,\u201d the NBU wrote.<\/p>\n<p>The central bank admitted that the need for international transactions has massively increased amid martial law, with millions of citizens being forced to leave Ukraine. However, the NBU cannot afford \u201cunproductive capital outflows,\u201d which include investing in cryptocurrencies, the announcement notes, adding:<\/p>\n<blockquote><p>\u201cQuasi cash transactions [&#8230;] are mainly carried out to circumvent the current restrictions of the National Bank, in particular for investing abroad, which is prohibited under martial law. Therefore, the relevant transactions should be interpreted as leading to unproductive capital outflows.\u201d<\/p><\/blockquote>\n<p>According to the NBU, the Ukrainian government <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/bank.gov.ua\/ua\/legislation\/Resolution_20042022_78\">adopted<\/a> the relevant changes as part of the NBU board resolution from April 20, 2022, which entered into force on Wednesday.<\/p>\n<p><strong><em>Related:\u00a0Ukraine\u2019s largest savings bank halts Bitcoin buys with hryvnia \u2014 Report<\/em><\/strong><\/p>\n<p>Some Ukrainian banks have adopted such restrictions already, according to several sources. PrivatBank, the largest commercial bank in Ukraine, reportedly prohibited its customers from purchasing BTC with UAH in mid-March.<\/p>\n<p>The restrictions apparently raise eyebrows as the Ukrainian government has been actively working to legalize cryptocurrencies amid martial law. In March,\u00a0Ukrainian president Volodymyr Zelenskyy signed a law to establish a legal framework for the country to operate a regulated crypto market.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ukraine-bans-bitcoin-purchases-with-local-currency-amid-martial-law\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Ukraine bans Bitcoin purchases with local currency amid martial law &#8220; The National Bank of Ukraine (NBU) continues taking measures to prevent capital outflows amid martial law by enforcing major restrictions on cryptocurrency purchases. The Ukrainian central bank officially announced Thursday a set of restrictions on cross-border operations, prohibiting individuals from buying cryptocurrencies like&#8230;<\/p>\n","protected":false},"author":1,"featured_media":435668,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvNGY1ODhlZWYtM2MyMC00ZTJkLTg3ZDctMjUyM2YwNjlmYmIxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,75022,74863,74860,75582,115107,70934,70868],"class_list":["post-435667","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-central-bank","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-fiat-money","tag-forex","tag-regulation","tag-ukraine"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/435667","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=435667"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/435667\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/435668"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=435667"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=435667"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=435667"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}