Bitcoin Spins Its Way to the Top of Ukraine’s Search Queries !
Freedom is taking a toll on Ukraine, both socially and economically, as Kiev steers the boat towards Western ports with its anchor still buried quite close to Russian shores. The country has been reporting unhealthy inflation since the troubles began in 2013. According to the State Statistics Service, consumer prices have increased by 13.6% year-on-year in November (almost 18% for food). Ukrainian GDP growth rate has averaged -0.09% (yes, that’s a minus) for the past seven years, Ukrstat figures show.
Cryptocurrencies present a fresh alternative to the constantly depreciating national currency, the Hryvnia “₴”, as other troubled nations around the world have already discovered. And despite some institutional reluctance, there have been attempts to push through legislation that would legalize and regulate the cryptocurrency ecosphere in Ukraine. Officials hope to attract significant foreign crypto investments to improve the business climate, support the Hryvnia, and increase growth.