The National Bank of Moldova (BNM) has banned cryptocurrency transactions. The BNM motivated its decision by the lack of legislative regulation in the Republic of Moldova regarding the use of virtual money.
There are only 12 countries in the world where cryptocurrency activity is prohibited. These include Algeria, Bangladesh, Bolivia, Vietnam, Egypt, Iraq, Qatar, China, Macedonia, Morocco, Nepal, and Ethiopia. As of November 1st Moldova completes this list.
On October 28, the National Bank issued a decision through which it ordered banks, payment service providers, and electronic currency issuers to cease all cryptocurrency transactions and electronic currency payment accounts. Moreover, it forbids collaboration with or serving companies whose field of activity is the exchange of virtual currencies with fiduciary currency (real money – editor’s note).
But this ban does not cover the holding of cryptocurrencies and P2P transactions (the transfer of cryptocurrencies between individuals).
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For ordinary users, the BNM’s decision means that they will not be able to top up or withdraw funds through their bank account or bank card opened in the Republic of Moldova, because payment service providers must block such operations if there is even less suspicion that the payment would have anything to do with cryptocurrency.
The National Bank granted market operators 30 days from the day of obtaining the document to execute the request.