Ukraine restricts the provision on e-currencies

The National Bank of Ukraine has approved the provision on e-currencies and has declared that only banks will have an exclusive right to issue them. This provision will come into force on August 5, 2008.

According to this provision all persons and entities which are not banks also prohibited to accept any e-currencies and to exchange them except for the cases when the entities have an agreement with the issue on distribution of the e-currency. The document specifies that the e-currency should be hryvnia-based except the pre-paid payment cards.

All the banks issuing e-currencies should submit to the National Bank all their terms for electronic payment systems within 6 months following the date when the provision comes into effect. The only exception was made for the National system of e-payments and also for the companies issuing prepaid payment cards under the agreements with the international systems registered in Ukraine.