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Ukraine Bans Cryptocurrency Purchases in Local Currency

By Dr.Dang April 30, 2022, 4:30 p.m.
Ukraine Bans Cryptocurrency Purchases in Local Currency

Ukraine has received lots of donations in the form of cryptocurrency since the Russian invasion. The latest development however is that their government is now working on something which might be a disaster to the country.The citizens are now allowed only to buy the cryptocurrency using the foreign currency. Which was restricted upto a value worth one hundred thousand Ukrainian hryvnia ($3400) after every 30 days. The National Bank of Ukraine said this restriction will help prevent the flight of capital.

Ukraine Bans Cryptocurrency Purchases in Local Currency

Ukraine's Capital flight can harm a nation’s currency.This may occur with the large number of  Ukrainians emigrating since the invasion of Russia in the last two months. The journey of these financial assets is possible and this will enable the stability of hryvnia. "The National Bank of Ukraine clarified restrictions on cross-border operations of citizens in order to prevent unproductive outflow of capital from the country under martial law,"

Good news from the Decrypt app

Since the invention of the app it has provided an inclusive offer which makes exchange easier."Individuals will be able to buy assets that are directly convertible  for cash and belong to quasi cash transactions, using only their own foreign currency."

"Quasi cash transactions," include replenishment of electronic wallets and brokerage or forex accounts. It represents the purchase of  foreign currencies and payment for traveler's checks.

Although the act to illegalize this capital flight, the government of Ukraine has been playing it safe to be crypto-friendly.In the last 30 days, Volodymyr,Ukrainian President,signed a law "On Virtual Assets" legalizing cryptocurrency assets in the country. This move was to help play a "vital role in Ukraine's defense process."

Since the war started

Since the start of war between Ukraine and Russia in the last two months, Ukraine has benefited. Well-wishers,NGOs and other nations have donated  millions of cryptocurrency to the country.These  donations are aiming to support Ukraine's defence military forces to be stable since they are smaller than Russia's.

Over $100 million has now been sent, this was a research done by Bornyakov. Traces of digital assets are being used since  they are fast and easy to send across borders.It will also enable more traders to access them for the shortest time possible. This was confirmed by blockchain analytics firm Elliptic.

According to the Hash group,the ongoing involvement in the crypto in Ukraine is just an effort to maintain Russian stability.This will help the country in peak times amid the invasion by Russia.

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