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Bitcoin plunges to $39K because of Ukraine’s ban on crypto buy

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Bitcoin plunges to $39K because of Ukraine's ban on crypto buy 5

The Ukrainian Central Bank announced a ban on Cryptocurrencies buy activities with native sovereign currency. 

Russia vs Ukraine fight completes around 58 days and still war is going on. In this war, both the countries are facing economic downfall at their level. Due to such war situations, Ukraine introduced martial law in the whole country to provide safety to the citizens against Russian military invasions. The majority of the Ukrainian citizens are trying to get out of their country to another country and they are using Cryptocurrencies to carry out funds with safety. 

On Thursday, the national bank of Ukraine announced a ban on the purchase of Crypto assets in Ukrainian hryvnia. It is not a full ban, because it will allow citizens to invest in Cryptocurrencies via foreign currencies with up to 100,000 Ukrainian hryvnias ($3,400) per month. 

So basically it is an effort by the Ukrainian Central Bank to bring stability to the sovereign fiat currency against the rapid shift of interest of citizens from fiat currency to cryptocurrencies. 

As per the issued statement, this rule will “prevent the unproductive outflow of capital from the country under martial law.” 

Ukraine crypto adoption 

Since the beginning phase of Russian military invasions on Ukraine, the crypto industry-supported Ukraine and also donated funds to Ukraine. Even the Deputy Minister of Ukraine officially jumped into the crypto Industry to collect funding for the armed forces of Ukraine. 

Last month, Ukraine approved a crypto bill to formally legalize crypto assets trade and regulation authority handed to the National Commission on Securities and the Stock Market.

In the last 58 days, Ukraine collected more than $100 million worth of crypto assets in the form of donations globally and this sudden decision against crypto is very weird for the crypto community. 

Due to this news Bitcoin price faced a correction significantly, where it touched $39,173, so basically, Bitcoin faced a 4% sudden downfall in its price. 

Bitcoin plunges to $39K because of Ukraine's ban on crypto buy 4

Read also: Bitcoin & Ethereum may cross ATH soon, says Celsius CEO

Bitcoin plunges to $39K because of Ukraine’s ban on crypto buy

 

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