Ukraine Central Bank Bans Bitcoin "To Protect Citizens" From Financing Terrorism

Tyler Durden's picture

The Hryvnia has collapsed to new record lows near 15/USD this morning. The Central Bank and bankers "agreed to keep UAH at 15-16/USD" but are "not planning on new FX market restrictions." However, there is one terrifying 'currency' that needs to be curtailed... Bitcoin. As The National Bank of Ukraine explains, "In order to protect consumers' rights," the virtual currency Bitcoin cannot be used in Ukraine as a means of payment.

With the UAH hitting new record lows...


The Ukraine Central Bank has decided the ban Bitcoin...

As Project UKRInform reports,

The virtual currency Bitcoin can not be used in Ukraine as a means of payment.


Reported official representative of the National Bank of Ukraine (NBU) on Facebook.


According to the regulator which has to ensure real value, virtual currencies are "money substitutes."


Also, the National Bank of Ukraine stressed that the international spread payments using Bitcoin has made ??this category of services attractive to illegal activities, including money laundering of crime or financing terrorism.


"In order to protect consumers' rights and security of the money transfer National Bank recommends that you use the services of only those payment systems, settlement systems, which are included in the register of payment systems, settlement systems, participants in these systems and service providers payment infrastructure" - the representatives of the regulator.

*  *  *

Because there's nothing worse than your citizens having free reign to transfer the collapsing value of their Hyrvnia into a non-Hyrvnia alternative... especially when The IMF has leanty you money.

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Tao 4 the Show's picture

Can you imagine how much safer they feel?

Harlequin001's picture

Buy gold.

It's the only way to be sure...

CH1's picture

Bitcoin users affected?

Shit no. They'll ignore this and use a currency that works for buying food.

SoberOne's picture

This further legitimize the need for alternative  currency options and crypto overall for transactions.  Buy gold for wealth preservation.

CH1's picture

Well said.

The idea that BTC and gold are oppositional is nuts.

TheAnalOG's picture




itchy166's picture

Telling that both sides of the conflict have now outlawed Bitcoin... TPTB are scared to death of cryptocurrencies.

Sashko89's picture

lol, how in the world will they enforce this? is it even possible lol?

TheAnalOG's picture

This is the greatest news ever for Bitcoin!  Because it will show that government is totally impotent against Bitcoin.  Government just can't get it up!

Citxmech's picture

BC it just doing great, huh?  Into the f'n $300s now. . . 

TheAnalOG's picture

Yes it is it's at $370 USD and who the fuck cares if it is $300, $3000 or $30000?  Just buy more, nobody owns the world's most powerful currency.

Citxmech's picture

Who cares?  If/when the "world's most powerful currency" buys less than a Beanie Baby - the poor fuckers holding the bag are going to care.

Right now you've got a valuation history that's following a classical Bell Curve.  Tulip anyone?

shouldvekilledthem's picture

The old tulip argument. Bitcoin has utility contrary to the tulip bulbs.


Before you spread nonsense you should educate yourself a bit.

TheAnalOG's picture

Same type of moron who said the internet was "a fad" in 1994.'s picture

The bag holders this time are going to be anyone left with paper currency...

TheAnalOG's picture

Bitcoin was $1 five years ago.

Citxmech's picture

Yes - and the smart money got the fuck out North of $1k.  

TheAnalOG's picture

Smart money or panzies who didn't know what BTC was in the first place?  You recommend people to go into "dollars"?  You are working with the enemy then....

Citxmech's picture

Who said anything about dollars?  I'm converting USDs into tangable productive assets as fast as I can.    

Chakra's picture

Still $75 higher than last year at this time

Pool Shark's picture




And $800 lower than last December.


messystateofaffairs's picture

So what, it still buys $300 plus worth of stuff. If you are using it as money and not as a store of wealth it does the job fine. You looking for a magic investment asset to put down and watch increase your purchasing power (that's 100% sure); let us know when you find it.

mrees999's picture

To put that in perspective, I wrote and published an article about this topic for Bitcoin Magazine. Fitting for this conversation.


You might enjoy it!

TheAnalOG's picture

Gold is great for local trade and storage.  What happens when you want to pay someone in another city or country?  There goes your "no counterparty risk" ie, the mailman.

messystateofaffairs's picture

There is no way to be sure of anything. Gold is the surest in an increasingly unsure world. Diversify and shelter all kinds of productive assets you can manage yourself, including gold.

junction's picture

Ukrainians, buy London real estate!  Like your masters. For example:,

"Britain's previous record for an apartment was set three years ago by Ukrainian billionaire Rinat Akhemtov, who paid 136 million pounds ($247.8 million) for a penthouse and apartment at One Hyde Park to knock together into one property."

Perimetr's picture

Substitute the word "freedom" for "terrorism" and your news reports will make a lot more sense.

zwanderer's picture

Wait, does this mean they will ban us dollar too? After all, lots of terrorists are financed with USD...

Xibalba's picture

Rise of LTC? 

danster82's picture

I want to move to Ukraine now to feel some of that protection, like a warm cuddly blanket.

MsCreant's picture

Yeah, like the protection you feel when you "voluntarily" pay to be in a protection racket.

Praeda2's picture

"the virtual currency Bitcoin cannot be used in Ukraine as a means of payment."

Implying there are goods to buy. May blessed Putin liberal these heathens with the quickness.

Hamm Jamm's picture

he will be blessed in a NUCLEAR FIRE, if he does...     Putin is a clown

11b40's picture

How stupid are you?  You think the U.S. will launch a nuclear attack over Ukriane?  You think a nuclear attack would go unanswered?

You can think of Putin what you like, but if a clown, he is very dangerous one, and when he acts, you may find he really isn't very funny.

CH1's picture

Implying there are goods to buy.

As long as there are farmers, there are goods to buy.

shouldvekilledthem's picture

Good luck enforcing the ban. 

booboo's picture

"Good luck enforcing the ban"

Thats correct, and good luck buying a pig hock from the hairy butcher wearing the bloody apron and knife belt with a explaination of Gonecoin.

Lemme guess, your special right?

Looks like a virtual standoff.

Gentleman at ten paces and pull your virtual weapons. "pew,pew"

shouldvekilledthem's picture

Why is that simpletons hate btc the most? :)

Exponere Mendaces's picture

Because its easier for them to yell "bitchez" than to apply themselves to learn anything. The currency debasement war is happening, and the whole WORLD is going to see what happens when every major power is gunning for the core of the planet as a price target for their currency.

Bitcoin is going to survive this, largely because it isn't run by a bunch of power-hungry idiots. But naturally, the fuckers here who thought Ebola was going to wipe out everyone by Thanksgiving, have no way to comprehend the forces at play, much less devise a strategy to succeed.

MsCreant's picture

IKR? I ban thieving banksters from doing business.

LULZBank's picture

Russian Rubles for the win.

f16hoser's picture
"To Protect Citizens" From Financing Terrorism


Incidentlly; Central Banking "Is" Financing Terrorism / Fact

CH1's picture

Political rule #1: Truth? What the fuck is that?

Political rule #2: The more bullshit the better. Confuse the suckers at all times.

sleigher's picture

#2 FTW


Nothing like blowing smoke up the American voters ass...

MsCreant's picture

Central Banking "Is" Terrorism


Hamm Jamm's picture

Fascists in power there ...what do you expect !!

Creepy A. Cracker's picture

Ahhhh...  But they haven't banned my SuperMegaBlasterCoin (generated real-time on my Android phone by my uncrackable algorithm).  Please send $200/token (cheap, Cheap, CHEAP!!! bargain prices) to me and I'll...

Isn't it great being able to get rich speculating on methods of payment by vaporware?

Long live pretend money!!!  Long live the FED!!!  Generate/print away!!!  </s>

Spungo's picture

I'd be buying silver like crazy. Who cares if it goes down 10% in a year. That piece of shit currency lost almost half of its value in a single year.