Crypto transactions surge in Ukraine amid cash withdrawal restrictions

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 volumes on Kuna, a Ukrainian cryptocurrency exchange offering trading in hryvnia and Russian rubles, spiked immediately following the announcement on February 24. (Note: Kuna official introduction - KUNA is a cryptocurrency exchange in Ukraine that allows you to use Ukrainian bank cards to instantly recharge and withdraw income. The project was established in 2016. There is a cryptocurrency gateway for hryvnia, personal The gateway can be used by both entrepreneurs and entrepreneurs. To work, the site offers several trading pairs with good liquidity. Among them, pure cryptocurrency pairs and cross currency pairs are introduced, with the Ukrainian hryvnia as the market. The trading platform The interface is multilingual (you can choose from 4 languages) and there is also a Russian version.)

According to Coingecko data, Kuna trading volume increased from $1.4 million to $4.8 million, with the majority of trading pairs located in the hryvnia (UAH). This is the platform's highest increase since May 2021.

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.

Crypto transactions surge in Ukraine amid cash withdrawal restrictions

In addition, Kuna founder Michael Chobanian also pointed out that most people have no choice but to cryptocurrency. People have cash and they want to buy cryptocurrencies, but the supply is very limited right now.

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 (now worth over $2.2 billion), along with other cryptocurrencies.