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    • July 7th, 2012 03:29 PM

    WebMoney and Yandex.Money Services are Up in the Air in Ukraine

    Online payment systems in Ukraine can be banned from the issuance of e-currency.

    WebMoney, Yandex.Money and other online payment systems are under question. Verkhovna Rada of Ukraine is going to alter the laws regulating the market of e-currency. This month the Ukrainian parliament registered a draft resolution referring to the Law No 10 656.

    The law itself was initiated by the Governor of the National Bank of Ukraine (NBU) Sergiy Arbuzov. It provides a definition of e-money. In the law it is also proposes to denominate them exclusively in the Ukrainian currency hryvnia. The privilege on the issuance of e-currency is given to banks.

    The law violations are subject to penalties of up to $425 for the first offense, and up to $2127 for repeat violations.

    The local media dubbed the NBU's initiative "the ban" for online payment systems, such as WebMoney and Yandex.Money to operate at full capacity. The latter already declined to obtain full banking license in the Russian Federation. The Russian online payment system is unlikely to make an exception for Ukraine.

    WebMoney partially approves the initiative of the NBU and believes that its will not affect its operations. However, the online payment system is concerned about some divergences with the ways e-money markets are regulated in the EU and Russia.

    Nevertheless, both in Ukraine and in Russia the alterations in e-money law are being lobbed by banks mostly.

    ($1 = 7.993 Ukrainian hryvnia)

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