Ukrainians can now receive electronic payments from nonresidents of Ukraine in foreign currency, according to the National Bank of Ukraine's statement on February 12, Kyiv Post reports.
“An individual is entitled to receive electronic money, issued by the nonresident emitter, from nonresidents, provided that the international Internet payment systems provide a repayment of electronic money by transferring funds to individual’s account in the resident banks,” reads the decree by the NBU, according to Kyiv Post.
The brings Ukraine one step closer to attracting the international online payment system PayPal, according to Ilia Kenigshtein, CEO of Creative Quarter and advisor to Lviv Mayor Andriy Sadovyi. Currently, Ukrainians can make payments through PayPal using their credit cards issued in Ukraine, but can’t receive payments through the system.
“Now PayPal is left with few reasons to continue ignoring Ukraine,” Kenigshtein told the Kyiv Post on Feb. 14.
Now that the National Bank allowed receiving electronic payments, the only obstacle for PayPal to start operating in Ukraine is the lengthy process of registration and receiving a banking license, reads the report.
The decree issued on Feb. 13 is the first part of the National Bank’s three-point plan to liberalize the banking legislation and make electronic payment system available for Ukrainian users.