BTC Plunges Below $40k As Ukraine Prohibits The Purchase Of Bitcoin Using Local Currency

While the country is under martial law, the Ukrainian central bank has prohibited individuals from acquiring bitcoin and other cryptocurrencies with local currency. Ukrainians Banned From Using The Hryvnia To Buy Crypto The National Bank of Ukraine (NBU) announced a new set of cross-border transaction limitations on Thursday in an effort to stem “unproductive money withdrawals” from the war-torn country, which is still under martial control. Bitcoin purchases, along with electronic wallet deposits, opening brokerage or FX accounts, and trip payments, are classified as “quasi cash transactions” by the central bank. Residents of Ukraine can only buy cryptocurrency in foreign currency, and their total monthly purchases are limited to 100,000 Ukrainian hryvnias (about $3,400). The NBU indicated that it took this step to strengthen the hryvnia’s position in the foreign exchange market and relieve pressure on Ukraine’s reserves. According to the revelation made on Thursday, the country has seen a significant surge in foreign transactions as a result of millions of inhabitants being forced to escape owing to Russia’s military invasion. Crypto In Ukraine In recent months, Ukraine has been considerably ahead of the curve in sovereign state cryptocurrency adoption, despite the country being in the midst of one of its darkest moments in history. Ukraine began taking cryptocurrency donations nearly as soon as its eastern European neighbor...