Thursday, December 8, 2022

Ukraine Banned Crypto Purchases In Local Currency

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Ukraine banned crypto purchases in local currency and the move is to stop unproductive capital outflows Ukraine recieved millions in donations since the Russian invasion so let’s read more today in our latest cryptocurrency news.

Ukraine banned crypto purchases in local currency to prevent capital flight. The central bank of Ukraine stopped the citizens from buying digital assets with the local currency while trying to prevent unproductive capital outflows. The national bank of Ukraine said that the citizens can now only buy crypto using foreign currency up to a value of 100,000 Ukrainian hryvnias per month which will stop capital flight according to the central bank.

Capital flight can harm the nation’s currency especially now since millions of people left Ukraine after the Russian invasion. The exodus of financial assets is also a strong possibility and Ukraine’s governemnt aims to stop it and keep the national currency stable:

“The National Bank of Ukraine clarified restrictions on cross-border operations of citizens in order to prevent the unproductive outflow of capital from the country under martial law. Individuals will be able to buy assets that are directly convertible (exchanged) for cash and belong to quasi cash transactions, using only their own foreign currency.”

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The Quasi cash transactions include replenishment of electronic wallets and the brokerage of forex accounts as well as payments for the traveler’s checks. Despite the move to rpevent capital flight, the Ukrainian government is crypto-friendly, and last month, Ukraine’s President even signed a law on Virtual Assets legalizing the crypto assets in the country. The move was a way to help play a vital role in Ukraine’s defense process. Ukraine received millions in crypto donations from around the world from NGOs and volunteer groups after the Russian attack on the country.

The donations are aimed at supporting Ukraine’s military which is much similar to the one of Russia. Over $100 million have been sent and digital assets are being used because they are quick and easy to store the borders according to blockchain analytics company Elliptic noted.

The total value of the cryptocurrency donations to Ukraine is updated regularly at SlowMist and it is a Chinese threat intelligence company whcih keeps an online library of malicious addresses and other databases for other tabs holding like the effort to support Ukraine amid the current struggles. The Slowmist Database of charitable donations to the Ukrainian effort to sue the peace during the talks with Russian officials in Istanbul shows $104 million worth of crypto raised for the cause.

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