The Central Bank of Ukraine announced a set of restrictions on cross-border operations at the end of last week, banning individuals from buying cryptocurrencies such as Bitcoin (BTC) with the official currency. National hryvnia (UAH).
Ukrainians are now allowed to buy bitcoin and other cryptocurrencies with foreign currency only with total monthly purchases limited to 100,000 UAH ($3,300). The relevant limit also applies to international peer-to-peer transactions, Crypto Horizon reported.
Central Ukraine's actions are part of measures to prevent capital outflows amid martial law by imposing significant restrictions on cryptocurrency purchases.
According to the announcement, the CBU considered the purchase of cryptocurrency as "quasi-cash transactions" along with operations such as e-wallet deposits, foreign exchange transactions and travel payments. by adopting restrictions on such transactions; The central bank aims to prevent the “unproductive outflow of capital” from the country amid martial law.
The Central Bank of Ukraine wrote: “Relevant changes will help improve the foreign exchange market; It is a necessary prerequisite for future easing of restrictions, as well as reducing pressure on Ukraine's international reserves.”
according to the National Bank of Ukraine; The Government has adopted the relevant changes as part of the decision of the Board of Directors of the Central Bank of Ukraine as of April 20, 2022; Which went into effect last Wednesday.
