Under Martial Law, Ukrainians Look to Cryptocurrency


The ongoing Russia-Ukraine conflict has spurred a renewed interest in cryptocurrency after emergency martial law measures were introduced by Ukraine’s central bank this past week, according to CNBC.

Foreign currency cash withdrawals are currently prohibited in Ukraine and the country’s central bank has limited withdrawals of local cash to 100,000 Ukrainian hryvnia per day, or roughly $3,339, under martial law.

This has led some Ukrainians to increasingly turn to cryptocurrency. “We don’t trust the government. We don’t trust the banking system. We don’t trust the local currency,” Michael Chobanian, the founder of popular Ukrainian crypto exchange Kuna, told CoinDesk. “The majority of people have nothing else to choose apart from crypto.”

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