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Ukraine: PrivatBank puts on stand-by the purchase of bitcoins (BTC) in hryvnia

Heads up for the Ukrainians! All PrivatBank customers will no longer be entitled to purchase bitcoins (BTC) using their account. The reason for this restriction will be delivered to you in this little post.

Ukraine: PrivatBank puts on stand-by the purchase of bitcoins (BTC) in hryvnia

Towards the banning of the purchase of bitcoin in Ukraine?

The media have certainly made you aware of the legalization of bitcoin by the Ukrainian government lately. This happened in the middle of the war against the Red Army. But to everyone's surprise, the PrivatBank announces somewhat contradictory measures.

PrivatBank, which is one of the largest local commercial banks, has in fact just banned its customers from buying bitcoins (BTC) with the hryvnia (UAH). A decision, the essence of which is compiled in a report relayed by Forklog, last Thursday.

According to this document, PrivatBank's restrictions were remotely controlled by the National Bank of Ukraine. Thus, until martial law is lifted, no similar transactions will be allowed on Ukrainian territory.

Informed of the situation, Binance made an announcement through Facebook:

"  We would like to inform you that PrivatBank will not support operations with UAH on all cryptocurrency exchanges, without exception, from March 2022.  "

As a result, Binance customers are invited to use its Peer-to-Peer (P2P) exchange service. History to circumvent such limits of purchase of bitcoins in the future.

Zero bitcoin, guarantor of financial stability in Ukraine?

Martial law obliges, the PrivatBank is betting at all costs on financial stability in the country. As compensation, this bank suggested credit holidays and increased withdrawal limits.

Note that PrivatBank has already issued restrictions related to cryptocurrencies in February. During the same period, its customers have pointed the finger at the blocking operations perpetrated by certain local banks. These measures were aimed in particular at holders of assets associated with P2P cryptocurrency exchanges such as LocalBitcoins.

Hence the crucial question: how will supporters be able to send bitcoin donations to Ukrainians now?

It is obvious that the Ukrainians are in total confusion after this announcement of restriction of purchase of bitcoins. Who to believe between Volodymyr Zelensky and the Central Bank? Because the strong man of the country signed a law aimed at establishing a legal framework for the regulation of the cryptocurrency market last Wednesday. The efforts of this one will be in vain if he activates the higher gear, while the banks put a spoke in the cryptographic wheels.  

Source : Cointelegraph