Ukraine Bans Bitcoin Buys Via Local Currency to Prevent Capital Flight

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This is false. What was closed was a loophole that created arbitrage opportunity. Exchange rate was fixed by central bank. So instant buying with cards on exchanges bought more bitcoin than market rate. Buy bitcoin with card, sell for cash, repeat. 5% profit per cycle at banks expense. This is caused by the fact that banks have UAH rate fixed at 30, but market rate is 32.5.

You can still buy bitcoin in Ukraine, just not with card “purchase”, but with P2P, online exchanges or cash.

Not only this, this was also done to prevent people buying dollars at that fixed rate in revolut or wise. I’ve been doing this arbitrage myself. It was so easy. Just buying dollars with card at 30, wiring it here, selling for 32.5.


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