A recent decision by the Crimean parliament will make the Russian ruble the second official currency of Crimea.
The decision marks the peninsula's first step in integrating economically with Russia since Crimean citizens voted to join Russia on Sunday, RT.com reports.
The hryvnia will be withdrawn in 2016. Until then, the two currencies will circulate alongside each other.
"The official currency unit of the Republic of Crimea is the Russian ruble, and until January 1, 2016, the Ukrainian hryvnia would be also the official currency," the Crimean parliament said, according to RT.com.
The Bank of Crimea will also exclusively carry out the organization and circulation of money in the Republic of Crimea as part of a temporary parliamentary-approved statute.
"The Bank of Crimea without any fees performs transactions with budget funds of the Republic of Crimea, as well as transactions regarding public debt management of the Republic of Crimea," Crimea's parliament said, according to RT.com.
The Bank of Crimea will work to provide stable currency circulation, develop and strengthen the banking system, and operate the payment system.
The Central Bank of Russia will also assist in fixing technical issues and providing mobile cash processing centers, which will provide humanitarian aid, pensions, grants and non-cash payments in rubles.
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