Ukraine Diminishes The Use Of Cash And Lays Restrictions On Digital Transactions

Ukraine Diminishes The Use Of Cash And Lays Restrictions On Digital Transactions
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After observing the war condition of Ukraine, the government is insisting upon making the transactions and putting various restrictions. Soon After the Announcement of the National emergency and the enforcement of martial law, the use of any digital transaction was prohibited. A warrant suspending the Nations exchange market was issued. An official statement was passed to curb any transaction in the securities market. Limitations and restrictions were exercised on digital currencies and the issuance and withdrawal of paper currency.

The attack of the Russian army on the country resulted in a huge change in the working and operations of money transactions across the nation. The Card limit of issuing and withdrawing cash transactions was set to a very small limit while the digital transactions were suspended. The National Bank of Ukraine majorly enforced these steps.

Also Read: Western Sanctions Likely To Break Down Russia’s Economic Defences Over Time, Say Analysts

As per the guidelines of the World Bank, any usage of digital money was strictly prohibited. It instructed the users of digital money to refrain from using it strictly. It further declared to decline usage of digital money and transactions. Operations of digital money were also restricted. Amidst all this, there was no specification about the usage of cryptocurrency.

The statements of the Wall Street Journal informed that the encounter of the Russian army through land and air forces on the major cities including the capital of Ukraine, all the on the PFTS stock exchange of Ukraine was temporarily suspended.

President Biden stated that Russia would have to bear the cost for this attack on Ukraine by Putin. He further held Russia responsible for the harm and losses the nation would incur. He said the US and its partner armies would help Ukraine fight back and provide justice to the nation. Prime Minister Boris also made a tweet that showed that he was not justified with the action of the Russian army.

Also Read: Nomura Report Points Out India To Be Amongst The Worst Impacted Due To Ukraine-Russia War  

Russia has also started encountering the consequences of this rebellious attack on Ukraine. According to the Reports of Reuters, it was the first time that, after 6 years that oil amounted to a dollar hundred a tank. In contrast, European raw materials and products were valued roughly around 3%. The value of the Russian currency ruble diminished to 7%. The Stock exchange market of Moscow also encountered a decline in transactions.

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