NBU bans crypto purchases from hryvnia accounts

The National Bank of Ukraine has introduced additional restrictions on cross-border transactions by individuals, which also affect cryptocurrency transfers.

Under the NBU order, individuals are temporarily prohibited from conducting quasi-cash operations from hryvnia-denominated bank accounts. Cross-border P2P transfers in hryvnia are capped at 100,000 hryvnias per month.

A combined limit, equivalent to 100,000 hryvnias per month, applies to using one’s own foreign currency for quasi-cash operations and international P2P transfers.

Quasi-cash operations include the purchase of cryptocurrencies, funding of brokerage or forex accounts, topping up electronic wallets, buying gift certificates, transfers to bookmakers, payment of traveler’s checks, and others.

Thus, the regulator seeks to prevent capital flight from the country in wartime conditions.

The restrictions do not apply to using payment cards abroad or in Ukraine to pay for goods and services.

As reported, on March 16, PrivatBank temporarily prohibited its clients from depositing hryvnias on cryptocurrency exchanges. Representatives from Binance, in ForkLog’s commentary, confirmed that users are experiencing problems with such transactions. However, at that time the restriction did not affect the market of Ukrainian trading platforms.

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