Ukrainian citizens have invested hundreds of millions of dollars in cryptocurrencies over 12 months of conflict.
According to the latest data from the European Bank for Reconstruction and Development (EBRD), Ukraine has emerged as one of the largest users of bitcoin and cryptocurrencies globally, with transactions reaching record levels.
The report “Regional Economic Prospects” published by the EBRD in September provides key data on cryptocurrency adoption in the war-torn country. Between July 2023 and July 2024, Ukraine recorded crypto inflows totaling $106 billion, while purchases of digital assets reached $882 million.
EBRD experts attribute this activity mainly to institutional transfers ranging from $1 million to $10 million, as well as professional-level transactions in the $10,000–$1 million range.
On the international stage, Ukraine stands out not only for transaction volumes but also for population penetration. With over 10% of citizens owning cryptocurrencies, the country surpasses Nigeria, where just over 5% of the population holds crypto despite recording $59 billion in crypto inflows during the same period.
The Global Crypto Adoption Index by Chainalysis confirms this trend, identifying Nigeria, Ukraine, and Turkey as the countries with the highest adoption rates.
The increase in cryptocurrency use has been accelerated by restrictions imposed by the National Bank of Ukraine (NBU) on traditional financial transactions—measures implemented to prevent capital flight during the period of martial law.
