The National Bank of Ukraine recalled the ban on electronic payment systems Webmoney, Yandex.Money, QIWI Wallet and Wallet One

    The National Bank of Ukraine sent out a notification to financial institutions with information on the prohibition of the use of WebMoney, Yandex.Money, Qiwi Wallet and Wallet One payment systems.

    "Due to the fact that the rules for the use of electronic money of the above-mentioned trademarks by the National Bank of Ukraine were not coordinated, the provision of services using these trademarks is prohibited for users," the report says.

    This information is confirmed by several sources, including Kommersant and the Ukrainian TV channel UBR .

    The National Bank of Ukraine confirmed that on November 7, “reminded banks and participants of the payment market” about the ban on the use of electronic currencies and the corresponding payment systems.

    Problems with Webmoney and other electronic payment systems in Ukraine began in 2013. Then the country's tax service conducted a raid at the Webmoney office , during which accounts for the amount of 60 million Ukrainian hryvnias were arrested. At the rate of 2013, this amount was equivalent to 6 million euros.

    After the raid of Mindohov Ukraine announced that “it will undertake other payment systems,” including Yandex.Money.

    The main reason for the prohibition of electronic payment systems in the country is the uncertainty of the status of electronic currencies. In most other countries, electronic money is recognized as a money-substitutes - a substitute for official forms of money, entered into circulation arbitrarily by economic entities for making payments.

    At the same time, besides Webmoney, in Ukraine there are no representative offices of other payment systems. QIWI and Yandex.Money operate under the laws of the Russian Federation and do not have offices in Ukraine. Accordingly, as in 2013, the Ukrainian authorities have no levers of pressure on these organizations.

    Earlier, in October of this year, the Ukrainian authorities imposed sanctions against some Russian companies, including the Golden Crown, Kolibri, Unistream, Anelik and Blizko payment systems. Then Webmoney, Yandex.Money and QIWI were not mentioned.

    At the same time, reports that the company's activities in the country are regulated by the NBU and the tax authorities, and they are not aware of the claims.

    The only thing that the NBU can achieve if it prohibits the use of electronic payment systems in the country is the impossibility of accepting electronic money when paying for goods and services, as well as legal direct cash withdrawal of funds by transferring electronic money to real money on a bank card.

    The latter, the least comfortable for the average user, prohibits the cost with the help of numerous exchange services or withdrawal of electronic currencies by direct transfer of funds from one card to another with a certain service commission. In fact, the position of the NBU only stimulates the growth of the shadow market for the exchange and sale of electronic money in Ukraine, instead of full legalization and increasing the transparency of operations with electronic currencies.

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