Ukraine Cuts Off Hryvnia Purchases for Cryptocurrencies Amid Martial Law

Ukraine's National Bank has announced a new policy restricting residents from buying cryptocurrencies using the local Ukrainian hryvnia. Instead, those who want to invest in digital assets will need to use foreign currencies.

The monthly purchase limit for crypto investments is set at 100,000 Ukrainian hryvnia, equivalent to approximately $3,400 at current exchange rates. This move aims to prevent 'unproductive outflow of capital from the country under martial law', according to the National Bank's statement.

This development comes as a surprise given Ukraine's relatively crypto-friendly stance in recent months. In fact, President Volodymyr Zelenskyy signed a new law last month that legalizes cryptoassets in the country.