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Ukraine Restricts Fiat Withdrawals Amidst Russian Invasion

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russia uses bitcoin to circumvent SWIFT

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President of Ukraine, Volodymyr Zelenskyy, instituted martial law across the country as Russia invaded and bombarded Ukraine Wednesday evening. Many temporary resolutions were passed by the Ukrainian National Bank including halting digital transactions and a cap on withdrawals of cash near $3,000. The invasion by Russia is arguably the largest and most aggressive military action carried out in Europe since WWII.

“This is a deliberate, cold-blooded and long-planned invasion…,” NATO Secretary-General, Jens Stoltenberg said…, “Peace on our continent has been shattered, Russia is using force to try to rewrite history, and deny Ukraine its free and independent path.”

The speed at which the Russian invasion took place left the Ukrainian civilians scrambling to get essentials such as water, food, and money. Assets tumbled amid uncertainty with the Russian markets falling 45%, which is historically one of the largest meltdowns in a single day.

“Russia treacherously attacked our state in the morning, as Nazi Germany did in the WW2 years…,” President Zelenskyy said of the invasion. “As of today, our countries are on different sides of world history. Russia has embarked on a path of evil, but Ukraine is defending itself & won’t give up its freedom no matter what Moscow thinks.”

The Central Bank of Ukraine fixed the rate of the Hryvnia after sovereign dollar bonds tumbled more than 30 cents, with many falling 40 cents, leaving the Hryvnia at its lowest since the last Russian and Ukrainian entanglement in 2015.

Forex transactions and withdrawals along with securities trading were suspended in a desperate effort to stabilize the banking sector. Other non-cash transactions were not restricted.

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