The central bank of Ukraine froze the nation’s currency markets, ceased the circulation of all securities, limited cash withdrawals, and prohibited the usage of electronic money and digital wallets after the government declared martial law.
The National Bank of Ukraine enacted various provisional measures when Russian soldiers invaded the nation, including restricting daily cash withdrawals at $3,339.13 and banning digital money operations. The central bank’s decision instructs issuers of electronic money to halt the issuance of electronic money and the replenishment of electronic wallets with electronic money and the distribution of electronic money. Cryptocurrencies were not discussed as per the reports.
Ukraine going through a breakdown
According to the Wall Street Journal, the PFTS Stock Exchange in the nation halted all trading on Thursday (Feb. 24) after Russian tanks and ground soldiers entered Ukraine, and airstrikes targeted the country’s capital and over 12 other towns. President Biden said Putin’s aggression on Ukraine was unjustified and promised that more action would be taken against Russia.
“Russia is solely to blame for the death and damage that this strike will bring, and the US, its allies, and partners will respond in a unified and decisive manner.” In a statement, Biden stated, “The world will hold Russia accountable.”
On Thursday, the price of oil hit $100 a barrel for the first time since 2014, while European markets fell 2.75 percent, according to Reuters. After the Moscow stock exchange plunged 10%, the Russian currency fell about 7%, and Russia’s central bank outlawed short trading and over-the-counter markets.
Boris Johnson, the British Prime Minister, said he was appalled by the horrible events in Ukraine and that he is in contact with President Zelenskyy about future actions. “By unleashing this unprovoked war on Ukraine, President Putin has chosen a road of slaughter and ruin.” The United Kingdom and our allies will respond forcefully.”
According to the Kyiv Post, Ukraine had planned to open the bitcoin market to companies and investors before the Russian strike. Higher state officials have also been promoting their crypto credentials to Silicon Valley investors and venture capital firms, but the Russian incursion has diverted attention away from these efforts.