Ukrainians are increasingly choosing cryptocurrency over bank transfers, according to the NBU
4 July 17:42
The National Bank of Ukraine has recorded a significant decrease in the volume of remittances to Ukraine from individuals, "Komersant Ukrainian" reports.
In particular, in the period from January to May 2025, Ukrainians received $3.5 billion, while in the same period in 2024, this amount was $4.1 billion. The drop is almost 15%. Compared to 2023, the volume of transfers decreased by 27.3%.
At the same time, the regulator notes that Ukrainians have begun to withdraw cash from bank cards less often. The reasons for this are stricter financial monitoring, tighter currency control, and two key factors:
- relocation – taking businesses and families abroad;
- transition to cryptocurrencies – more and more Ukrainians are choosing digital assets as a convenient and less regulated alternative for making payments and saving money.
The banking sector expects this trend to continue, and the volume of traditional transfers will continue to decline.
In addition, analysts and financial experts note that Ukrainians are increasingly using cryptocurrencies, especially stablecoins (USDT), to make international and domestic transfers.
This is evidenced by several key factors:
- Due to the National Bank’s restrictions, bank transfers have become expensive or unavailable, especially between individuals. In such cases, cryptocurrencies such as USDT have become an alternative for transferring money abroad, in particular to the EU, Canada, the US, and other countries.
- Since June 1, 2025, bank card transfers in Ukraine have been limited: for medium and low-risk clients – up to ₴100,000/month, for high-risk clients – ₴50,000/month. Expert Mikhail Chobanyan estimated that this could increase the demand for cryptocurrencies by up to 10%.
- According to the WhiteBIT exchange and Gradus Research, more than 25% of Ukrainians own crypto assets. According to Global Ledger, about 1.7 million crypto wallets were created in Ukraine between December 2020 and May 2024.
- Cryptocurrencies are actively used for international transfers: Ukrainians exchange hryvnia for USDT through crypto exchanges (e.g., 1654.exchange, CyberCrypta) and send funds without SWIFT or banking system restrictions.
Consequently, due to banking restrictions, many Ukrainians are switching to cryptocurrencies, especially USDT, for transfers and protection of funds. This has led to an increase in interest in the crypto sector by 5-10%, the active use of cryptocurrencies for international transfers, and the proliferation of specialized crypto exchanges.
