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Aleksey Muratov: Ukrainian hryvnia fell markedly due to nationalization of PrivatBank, and bitcoin is growing

Monday, December 19, 2016, can become "black" for the Ukrainian financial system. This statement was made by Chairman of the Board of the International Public Movement Change the World Together Aleksey Muratov.

 Capitalization of Hryvnia and Bitcoin

According to Muratov, rumors of bankruptcy and nationalization of the country's largest financial institution PrivatBank, which were actively circulating last month, have created panic among its clients. "Customers have responded predictably to the information on the nationalization and rushed to ATMs to withdraw cash. According to the Chairman of PrivatBank Alexander Dubilet, 2 billion hryvnia used to be withdrawn from the accounts daily, which did not happen even in the period of active hostilities in Donbass. As a result, on Monday, December 19, exchange rate of hryvnia faltered and confidently crawled down," Aleksey Muratov said.

It should be noted that according to the National Bank of Ukraine, PrivatBank's nationalization was inevitable. "By December 1, the lack of PrivatBank's capital was 148 billion UAH, and arrears to the regulator were 14 billion UAH of total debt at 19 billion UAH. Therefore, if the state hadn't been included in the bank's capital, the financial institution would have collapsed before the end of the year," Chairman of the Board of CWT emphasized.

Changes in Bitcoin's price in relation to Ukrainian hryvnia for 6 months

"The situation around PrivatBank again proves that all the banks are financial pyramid, whose owners only think about their personal benefit, without worrying about customers, making money out of thin air," Aleksey Muratov said, noting that the process of such creation of money is called credit extension or credit multiplication.

"When the US dollar was untied from the gold guarantee, FRS came up with the decision to print them in unlimited quantities. That is money multiplier and unlimited emissions of the US dollar as the world currency that cause inflation around the world. Everyone is already used to it and put up with it not even knowing that it is a scam, and the scam needs a sacrifice. This sacrifice today is us," Chairman of the Board of CWT explained his position.

He also expressed confidence that in order to protect their assets, legal entities and individuals will increasingly use alternative financial instruments. "I am sure that soon we will see a marked increase in use of cryptocurrency by Ukrainians. Cryptocurrency displaces fiat money all over the world. A jinni is out of the bottle, and we are witnessing the greatest experiment. Talentless monetary monopolists will not be able to stop it," Muratov сoncluded.

Source: CWT News

  • December 20, 2016 12:45 PM MSK