Central Bank of Ukraine Stopped the Use of e-Money

After Russia's military action to Ukraine, the Central Bank of Ukraine stopped the use of e-Money.

After Russia launched a military operation against Ukraine, the Central Bank of Ukraine announced that it has suspended the issuance of electronic money (e-Money) and the renewal of electronic wallets. Immediately after Russia began its invasion of Ukraine, the Central Bank of Ukraine issued a series of decisions regarding the declaration of martial law throughout the country. The Central Bank of Ukraine has ordered “to suspend e-money issuers, replenish e-wallets with e-money and distribute e-money to banks that issue e-money.” If we specify, the e-money here is most likely PayPal etc. means fiat currency in digital form, such as that held in cash applications. Besides, it is unclear whether the Central Bank of Ukraine covers cryptocurrencies or other digital currencies. Also to remember, in 2021 the central bank was given permission to issue a central bank digital currency (CBDC). Finally, the Central Bank of Ukraine has imposed some restrictions on the foreign exchange market, apart from e-money.