Cryptocurrency became the support of people in Ukraine, the use of crypto increased due to the ban on electronic cash transfer

Cryptocurrency became the support of people in Ukraine, the use of crypto increased due to the ban on electronic cash transfer

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new Delhi. After the Russian attack, Ukraine has imposed many restrictions regarding money transfer. The National Bank of Ukraine has banned Electronic Cash Transfer. Banks are prohibited from putting e-money in e-wallet. The Foreign Exchange Market has been banned. The limit for withdrawing money from banks has been fixed. Issuance of foreign currency from retail bank accounts has also been banned.

After these steps of the National Bank of Ukraine, people have started using Cryptocurrencies in Ukraine on a large scale. Data from Ukraine’s cryptocurrency major exchange Kuna shows that citizens of Ukraine are paying a premium for Tether’s USDT Stablecoin. It is linked to the US dollar price.

Also read: Russia-Ukraine War: There will be a big impact on India, these items including mobile-cars will become expensive

valid five days ago

In Ukraine, the government gave legal recognition to cryptocurrencies on 20 February in the midst of war situations. The Parliament of Ukraine has passed a law relating to cryptocurrencies and cryptocurrencies have been declared legal.

Kuna’s founder Michael Chobanian said, “We do not trust the government. We don’t even rely on local currency. Most people are left with no other option than crypto. Tether is the most popular stablecoin. Its market cap is around $80 billion. Unlike Bitcoin and Ethereum, it fluctuates very little.

At the current exchange rate, 1 USDT is priced around 32 Ukrainian harvinia (Ukraine’s currency) or $1.10. With the increase in demand, its price is also increasing. By the way, for the last few months, the Ukrainian government is trying to make the country a hub of digital currency.

Also read: India buys these things including oil from Ukraine, war will cost them

taking bitcoin for donation

Blockchain analytics company Elliptic had said in a report recently that many NGOs in Ukraine are receiving a large number of bitcoin donations due to increasing tension with Russia. The report said that NGOs and volunteer groups with his knowledge have received $ 6,70,000 (about Rs 5 crore) in cryptocurrency donations in the year 2021. These NGOs have used many crypto wallets to get this fund. Elliptic’s Chief Scientist Tom Robinson says that cryptocurrencies are increasingly being used to raise crowdfunding for the war.

Tags: Cryptocurrency, Russia, Ukraine

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