Ukrainians purchased cryptocurrency for $1 billion in a single year

Within 12 months, Ukrainians spent hundreds of millions of ￰0￱ to acquire cryptocurrency, according to a recent ￰1￱ authors of the document, published by a major international development bank, have registered a spike in crypto activity in the war-torn ￰2￱ branded ‘heavy crypto user’ Cryptocurrency has gained popularity in Ukraine since Russia launched its invasion more than three years ago, not least as a result of fiat restrictions imposed by its monetary authority under martial ￰3￱ to the European Bank for Reconstruction and Development (EBRD), the Eastern European country is a leader in terms of crypto usage among the nations in the regions where it operates, the Ukrainian National News (UNN) website and Russia’s TASS news agency ￰4￱ its latest Regional Economic Prospects report, issued in September, the bank assesses the exposure of these economies to cryptocurrencies, highlighting the rapid market growth and significant increase in transaction ￰5￱ data from between July 2023 and July 2024, the study notes: “Ukraine emerged as another heavy user of crypto, having received $106 billion in crypto inflows over the period and having spent $882 million worth of Ukrainian hryvnia on Bitcoin purchases.” The authors attribute the sizable crypto activity largely to institutional transfers, ranging between $1 million and $10 million, as well as professional transfers in the range of $10,000 – $1 ￰6￱ also among leading crypto adopters The only other representative of an EBRD region among the top 10 crypto adopters, according to figures sourced from the blockchain analytics firm Chainalysis, is ￰7￱ the same period, it received $59 billion worth of crypto ￰8￱ African powerhouse falls behind the Eastern European nation in terms of share of the population owning cryptocurrency as well – a little over 5% vs more than 10%, respectively.

“Nigeria, Ukraine and Türkiye stand out with the highest rates of cryptocurrency adoption,” the EBRD pointed out in its ￰9￱ ranked 11th in last year’s edition of the Global Crypto Adoption Index published by ￰10￱ European Bank for Reconstruction and Development is a multilateral developmental investment bank that helps build market economies in a number of countries, using public funds to finance private ￰11￱ in 1991, the bank initially concentrated on providing support to enterprises in the countries of the former Eastern Bloc, but eventually started funding development initiatives in other regions, too, maintaining a presence in over two dozen ￰12￱ the economies where it’s lending, the London-headquartered EBRD has a diverse group of more than 70 members in regions from North America to Australia, including the United States, its biggest shareholder, and the European ￰13￱ government moves to regulate Bitcoin Despite the significant crypto activity, Ukraine has yet to legalize cryptocurrencies and comprehensively regulate operations with them in its ￰14￱ authorities in Kyiv made their first attempt to do so in early 2022, but Russia’s full-scale invasion, launched in February of that year, delayed the legislative ￰15￱ usage spiked in the following years, especially after the National Bank of Ukraine ( NBU ) imposed restrictions on financial transactions to prevent capital flight.

A new draft law, which permits crypto investments and determines their taxation, was later filed with the Verkhovna Rada, Ukraine’s ￰16￱ tax committee recommended its adoption in April ￰17￱ the first week of September, lawmakers approved the bill “On Virtual Assets” on first reading with a sizable majority, as reported by ￰18￱ of the Ukrainian fintech industry hope that the legalization of crypto activities will attract foreign investments and result in higher budget revenues for their ￰19￱ crypto news deserves attention - KEY Difference Wire puts you on 250+ top sites