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The Central Bank of Ukraine Prohibits the Purchase of Crypto with Hryvnia

People may buy cryptocurrency using foreign currency just up to a monthly limit of 100,000 Ukrainian hryvnia, equivalent to $3,400.

People may buy cryptocurrency using foreign currency just up to a monthly limit of 100,000 Ukrainian hryvnia, equivalent to $3,400.

The central bank of Ukraine has prohibited the buying of cryptocurrencies with the country’s domestic currency, claiming martial law in place since Russia’s invasion. Individuals may only acquire cryptocurrency worth up to 100,000 Ukrainian hryvnia ($3,400) monthly using foreign currency, as per a notice given by the National Bank of Ukraine on April 22nd. 

Cryptocurrency acquisitions are classified as quasi cash transactions, along with the restocking of digital wallets, brokerage or FX accounts, and the payment of traveler’s checks. The steps are apparently being imposed to avert inefficient capital outflows from the country while martial law is in effect.

Ukraine legalized cryptocurrency in April, establishing the legal standing, categorization, ownership, and authorities of digital assets, The National Commission on Securities and the Stock Market will be in charge of governing them. 

Ukraine accepted $100 million at minimum in cryptocurrency contributions since the war with Russia began. 

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