Ukraine Nationalizes Country’s Largest Pro-Bitcoin Bank To Prevent Meltdown
The government of Ukraine has nationalized the country’s largest bank, Privatbank, a bitcoin-friendly bank, to prevent a meltdown caused by alleged insider lending, according to Deutsch Welle. Privatbank has allowed merchants to receive bitcoin payment before converting it into cash. Ukraine’s government reported that it now fully owns PrivatBank and guarantees uninterrupted functioning of the bank and the safety of client funds. The bank controls a third of the country’s deposits and has branches in Baltic nations. Insider Loans Cause Problems. The bank loaned money to outsiders that may....
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The government of Ukraine has announced its plans to nationalize the country’s Bitcoin-friendly bank, PrivatBank. The government, in a statement released on Sunday, mentioned that it has taken over the bank to prevent a potential financial meltdown which may disrupt the country’s economy. The statement read, “[The government is now a] 100 percent owner of PrivatBank and guarantees the uninterrupted functioning of this institution and the safety of its clients’ money.” The government’s decision comes after certain bad decisions on PrivatBank’s part led to the bank giving out bad loans to....
Privatbank, the largest commercial bank in Ukraine, has temporarily halted transfers in national currency to digital asset exchanges. The financial institution explained the move with restrictions imposed by the country’s central bank under the current martial law. Leading Bank in Ukraine Bans Clients From Sending Hryvnia to Crypto Trading Platforms Ukraine’s largest bank in terms of assets, Privatbank, has prohibited its clients from transferring funds in Ukrainian hryvnia, the national fiat currency, to exchanges trading cryptocurrencies. The temporary ban has been....
The Security Service of Ukraine (SBU) has located a massive coin minting facility that was illegally connected to the power grid in Vinnytsia. Law enforcement officials claim it’s the largest underground crypto mining farm they have found so far. Ukraine Seizes Thousands of Video Game Consoles Mining Crypto With Stolen Electricity Ukraine’s main law enforcement authority, SBU, announced this week it exposed a large-scale electricity theft in the city of Vinnytsia, in west-central Ukraine. The stolen power was used to mint digital coins in what officials described as the....
The central bank of Ukraine has introduced additional restrictions on international transactions that will prevent Ukrainians from buying crypto assets abroad with the national fiat. The measures are intended to reduce capital outflow amid an ongoing military conflict with Russia. Ukraine Citizens Not Allowed to Buy Crypto Abroad From Local Currency Accounts The National Bank of Ukraine (NBU) has issued a notice detailing the introduction of certain restrictions on cross-border transactions that private individuals can make. The move aims to curb the “unproductive outflow of....
The National Bank of Ukraine has issued a warning to the country’s regional banks, global financial institutions and its executives regarding the financial risks involved in the use of digital currencies like bitcoin. The announcement of the Ukraine National Bank follows the organization’s investigation of the development and the use of emerging financial and payment systems. As a joint initiative, Central Banks of the EU countries and the National Bank of Ukraine warned all banks, payment organizations and executives to fully understand the necessary risks and potential damage when using....