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Ukraine’s Bitcoin market amounts to USD 2.5bn ─ Citigroup

Citigroup released its Citi Research on Multi-Asset focusing emerging markets

Ukraine’s Bitcoin market stands at USD 2.5bn, according to Citigroup research analytics. Bitcoin market share has been growing in the economies with larger informal economies, the report reads.

The largest bitcoin holdings as percentage of GDP are in Russia (5% of GDP), followed by New Zealand and Nigeria (4%). Ukraine is on the fourth spot followed by Kenya, South Africa, UK, and Columbia.

To note, Ukraine has wider plans on cryptocurrencies. There are already several draft laws on legalizing cryptocurrencies trade. At this, the currency board is carrying studies on e-hryvnia project. NBU believes legalizing cryptocurrencies in Ukraine would be untimely, as of yet.

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