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National Bank of Ukraine bans WebMoney, Yandex.Money and QIWI

The National Bank of Ukraine has banned four payment systems: WebMoney, Yandex.Money and QIWI Wallet and Wallet one.

The reason for this decision, which may positively affect the cryptocurrency market, is that the provision of services by these companies has not been agreed with the regulator.

The NBU informed the banking sector about its decision in a telegram №57-0002/90626 sent out on November 7.

ʺDue to the fact that the rules for the use of digital money, trademarks mentioned above by the National Bank of Ukraine, were not agreed, the provision of services by using these trademarks is prohibited,ʺ the URB channel quoted from the document.

The regulator said that only a bank can issue digital money. A bank is obliged to harmonize the rules for the use of electronic money with the NBU according to the procedure established by the NBU’s normative legal acts (Article 15 of the Law of Ukraine "About payment systems and money transfer in Ukraine").

In accordance with the provisions of the Regulation on e-money in Ukraine, approved by the NBU decree №481 of 04.11.2010, entities that carry out e-money transactions, namely an e-money issuer, operator, agents, traders and users have the right to carry them out only according to the rules agreed with the NBU.

The ban of the digital money applies not only to the commercial use, but also to private e-wallets. According to lawyers, the NBU will be able to block the funds in these wallets if necessary. The NBU does not explain how it will affect users of banned e-wallets.

At the same time, the NBU has agreed on the rules of the domestic payment system WebMoney.UA, which are not the rules for the use of e-money and do not have transaction history.

The NBU has limited the work of Russian money transfer systems in Ukraine. These systems are “Golden Crown”, “Leader”, Anelik, “Unistream”, “Colibri”, etc. The banks should have ceased cooperation with these providers on October 18.

Bitcoin is not regulated yet by the National Bank of Ukraine and we can assume that the prohibition of other payment systems will increase the interest to cryptocurrency. It should be reminded that representatives said in September that the demand for cryptocurrency has increased by about five times in Ukraine compared to 2015.


  • November 21, 2016 4:03 PM MSK