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 response to Michael Chobanyan, founding father of the KUNA crypto change, the crypto market in Ukraine is lifeless reasonably 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. Carried out 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.
“Therefore, until the Ukrainian economy begins to grow, we shouldn’t expect the crypto market to recover.”
Michael Chobanyan, KUNA founder
In response to the stagnant circumstances in Ukraine, Chobanyan is shifting his focus to Europe. He’s focusing on the upcoming Markets in Crypto-Property (MiCA) rules as a promising alternative. Chobanyan’s European enterprise, KUNA Pay, goals to capitalize on these new rules by providing crypto cost processing and tax options.
In response to Chobanyan, the KUNA Pay staff is getting ready for the launch of the digital euro between 2026 and 2028. By then, the staff plans to ascertain a considerable community of retailers throughout the European Union and develop their choices into different areas. Regardless of the challenges in Ukraine, he stays optimistic concerning the potential for progress in Europe, the place he’s getting ready to develop 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 stories urged that the crypto market would possibly face crackdowns associated to the Ukrainian authorities’s broader marketing campaign towards the playing business.
