The National Bank of Ukraine has limited daily cash withdrawals to 100,000 hryvnia ($3,350) to control cash outflows from the country. However, the move has become a major catalyst for crypto trading in the country.

Trading volume on Kuna, a Ukrainian cryptocurrency exchange that offers trading in hryvnia and Russian rubles, spiked immediately after the announcement on February 24.

On February 26, the Kuna platform also retweeted a tweet from Ukraine’s Deputy Prime Minister and Minister of Digital Transformation Mikhailo Fedorov: accepting donations in cryptocurrencies.

Before this war, Ukraine was one of the few countries that supported cryptocurrencies. Ukraine’s parliament passed a law legalizing cryptocurrencies as part of its plan to give investors and businesses access to digital assets, Feb. 17 news.

Furthermore, back in September, according to personal asset declarations filed by Ukrainian politicians and government officials, many people have invested heavily in cryptocurrencies. However, according to local media reports, some of them were unable to prove ownership or account for their digital assets. In the 2020 asset declaration, 652 officials in Ukraine admitted to owning a total of 46,351 BTC, along with other cryptocurrencies.

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Post time: Feb-28-2022