Ukraine central bank restricts cross-border crypto purchases with national currency

Ukraine’s central bank, the National Bank of Ukraine (NBU), has tightened restrictions on cross-border “quasi-cash transactions,” including those involving crypto, with its national fiat currency. This comes as Ukraine has been taking steps to encourage the use of cryptocurrencies amid its conflict with Russia. 

These measures stem from a need to prevent “unproductive capital outflows” from the country, which is under martial law the NBU said. 

According to an NBU announcement, Ukrainians may now purchase quasi-cash assets — traveler’s checks, forex accounts, and notably digital assets — up to a limit of 100,000 UAH ($3,400) per month only with foreign currencies.  

NBU plans to allow refugees fleeing the country opportunities to make cross-border peer-to-peer (P2P) transfers within the above limit from accounts in its national currency. However, quasi-cash transactions such as crypto are “temporarily” prohibited. 

Earlier this month, Ukraine launched its own NFT collection and has previously raised around $100 million in crypto through charity. 

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