After Russia’s invasion of Ukraine, the Central Bank of Ukraine issued a series of decisions regarding the declaration of martial law throughout the country.
With the decisions taken by the central bank of Ukraine, it also banned the printing of electronic money and the renewal of electronic wallets.
In its statement, the central bank instructed banks to suspend “the issuance of electronic money, the sending of electronic money to electronic wallets and the distribution of electronic money.”
The term e-money here is considered to mean fiat currencies in digital form held in a PayPal account or digital bank.
It is not clear whether the central bank is using the word electronic money to refer to a central bank digital currency or cryptocurrencies.
In Ukraine, the central bank was authorized to issue “a central bank digital currency (CBDC)”.
In Ukraine, the central bank has also imposed some restrictions on the foreign exchange market in addition to electronic money.
in the statement “Apart from foreign exchange sales, the operations of the Ukrainian foreign exchange market have also been suspended. The amount of cash withdrawal from bank accounts is also limited to 100 thousand hryvnia.” it was said.
In its statement, the central bank pointed out that these steps were taken to ensure the stable functioning of the country’s financial system and the uninterrupted operation of critical infrastructure facilities.