Michael Chobanyan, founding father of KUNA, claims Ukraine’s central financial institution has successfully “killed” the native cryptocurrency market, prompting him to shift his focus to Europe.
In line with Michael Chobanyan, founding father of the KUNA crypto change, the crypto market in Ukraine is useless relatively than alive. In an interview with Ukrainian information media Delo.ua, Chobanyan blames the Nationwide Financial institution of Ukraine for successfully “killing” the native crypto market. He criticized the central financial institution’s restrictive insurance policies, which he claims have devastated the business.
The founder described the present state of the Ukrainian crypto market as devastating, attributing the decline to the nationwide financial institution’s stringent restrictions on crypto transactions in hryvnias, the nation’s forex. Applied over two years in the past, the rules have considerably curtailed market exercise, leaving transactions restricted primarily to money, which presents logistical and safety challenges.
“Subsequently, till the Ukrainian economic system begins to develop, we shouldn’t anticipate the crypto market to get well.”
Michael Chobanyan, KUNA founder
In response to the stagnant situations in Ukraine, Chobanyan is shifting his focus to Europe. He’s concentrating on the upcoming Markets in Crypto-Belongings (MiCA) rules as a promising alternative. Chobanyan’s European enterprise, KUNA Pay, goals to capitalize on these new rules by providing crypto fee processing and tax options.
In line with Chobanyan, the KUNA Pay crew is getting ready for the launch of the digital euro between 2026 and 2028. By then, the crew plans to determine a considerable community of retailers throughout the European Union and broaden their choices into different areas. Regardless of the challenges in Ukraine, he stays optimistic in regards to the potential for development in Europe, the place he’s getting ready to broaden KUNA’s operations to satisfy new market calls for.
Since March 2023, Ukrainian banks have ceased processing requests to transform crypto to Ukrainian hryvnias and vice versa, citing technical difficulties. Subsequently, native information reviews urged that the crypto market would possibly face crackdowns associated to the Ukrainian authorities’s broader marketing campaign in opposition to the playing business.