The war-ridden country of Ukraine has seen its citizens moving to crypto as Ukraine’s central bank has started putting restrictions on all digital cash transactions.As a result, users have been buying blockchain-based stablecoins in big numbers.
As per the latest report, Tether’s USDT stablecoin is currently trading at a 5% premium on Ukraine’s popular crypto exchange Kuna.Amid the current war situation, Ukraine’s central bank has banned the issuance of foreign currency at retail bank branches.They have also restricted the cash transfer mechanism in the country.
As a result, Ukrainians have started relying on crypto for day-to-day transactions.Kuna’s CEO, Michael Chobanian said that Ukraine’s local currency is low and the trust for the banking system is lost.“The majority of the people have nothing else to choose apart from crypto,” he added.
Besides, Ukraine has also been receiving heavy donations in Bitcoin and Ethereum after the military attack from Russia.Ethereum co-founder Vitalik Buterin has condemned the recent attacks by Russia on Ukraine.
Ukraine Vice PM Urges Crypto Exchange to Block Russian Users
Ukraine’s Vice Prime Minister Mykhailo Fedorov tweeted on Sunday, February 27, requesting local crypto exchanges to block accounts of Russian users.
In his tweet, Vice PM Fedorov wrote :
“I’m asking all major crypto exchanges to block addresses of Russian users.It’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users”.
However, some market analysts have rejected this viewpoint stating that it would not be right to target Russian civilians in this matter.
Russia has been facing a slew of sanctions post its attack on Ukraine last week.Crypto has taken a center stage amid the ongoing conflict.Even Russia was mulling to make Bitcoin and other digital currencies legalizing them as an asset class.Crypto is likely to play a pivotal role in global financial ecosystem due to its decentralized nature.
– [Ukrainians Buying Tether (USDT) at 5% Premium as Central Bank Shut Doors on Local Currency]
– [Graph (GRT) Flips MATIC To Becomes Most Traded Token By ETH Whales]
– [Russia-Ukraine Update: Over $5M in Bitcoin (BTC) Raised To Help Ukrainian Army]
– [All Eyes On Russia’s Crypto Shift As West Considers SWIFT Sanctions]
– [Largest ETH Whale Adds Another 49 Billion Shiba Inu Tokens; 40 Million SHIB Burned In Last 24 Hrs]
– [Just-In: Crypto Demand Skyrockets In Ukraine After Cash Transfer Suspension]
– [XRP Vs SEC: “SEC Simply Seeking A Do-Over”- Ripple Files Opposition To SECs New Motion]
– [Just-In: EU Postpones Bill To Ban “Proof Of Work” Tokens; ECB Calls For Immediate Regulations]
– [Just-In: US SEC Probing Elon Musk; Is Elon Building A Counter Case Against SEC?]
– [Breaking: Vladimir Putin Says Ready To Negotiate With Ukraine]
– [Solana Creeps Higher, Looks To Revisit January Highs AT $177.0]
– [Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin]
– [BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?]
– [Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?]
– [DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?]
– [Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?]
– [SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?]
– [LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement]
– [Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price]
– [Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?].
