Ukrainians are reaching out to cryptocurrency with a recently recorded 13% adoption, according to a new survey, writes

Recent figures revealed by a survey shows the three main exchanges in Ukraine are now turning over $2 million a day.

Ukrainians have an adage which they regularly fall back on; “may you be forced to survive only on your official salary.” This really exemplifies the nature of the country’s black economy and its citizen’s readiness to tough it out when times are hard, writes Forbes.

This survivalist mentality is a significant reason why cryptocurrency has been popularised amongst the masses, offering opportunities for individuals previously unheard of in the country. This said, the country adopted Bitcoin with consummate ease from quite early on, with nearly 5000 payment terminals across Ukraine allowing customers to easily buy bitcoin for cash as far back as 2014.

In 2018, numbers of enthusiasts have significantly risen with a staggering 72% of citizens questioned, at least aware of cryptocurrency basics, with only 5% having not having heard the word cryptocurrency. The survey also showed, as in most countries, that men are the crypto enthusiasts with an 82% informed about coins. The poll, conducted by Kantar TS targetted about 1,000 residents between the ages of 18 and 55.

Bitcoin (BTC) is clearly the king, with 98% of web users familiar with it, followed by Litecoin and Bitcoin Cash with 29% and 27% respectively.

The crypto space is not simply limited to the masses, as cryptocurrency has long been utilized amongst the higher echelons of Ukrainian society with 50 high ranking officials and members of parliament declaring digital assets on their tax returns for a sustained period of a few years.

Along with up to 95,000 Ukrainians owning some kind of cryptocurrency, crypto mining has become another significant factor of cryptocurrency activity in Ukraine with a recorded $80 million invested in this area.

When asked the question, did those surveyed think that cryptocurrencies be treated as fiat? the votes were totally split between those for and against, with about 30% saying they didn’t know. The majority of respondents (41%) said crypto should be supported by the government and allowed free circulation within the country’s financial system.

The Chairman of the National Securities and Stock Market Commission of Ukraine indicated in May that the regulator favors a decision to recognize cryptocurrencies as financial instruments.

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