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As banks suspend operations, Ukrainians turn to Tether Electronic Money

Ed D - Crypto Investor 08-07-2022

  • Ukraine has put a halt to electronic money transactions
  • Ukrainian shoppers are paying for Tether's USDT Stablecoin with Kuna
  • The value of this coin is tied to the value of the US dollar

During an increasing battle, Ukraine's central bank is cracking down on digital money transactions. As a result of the declaration of martial law, this step was implemented.

According to the National Bank of Ukraine's official statement, banks – issuers of electronic money are prohibited from issuing electronic money, replenishing electronic wallets with electronic money, or distributing electronic money.

As a result, this might be a reference to fiat money housed in digital accounts through payment systems like PayPal. Ukrainians are turning to cryptocurrency investment as the nation imposes additional monetary limitations in the wake of geopolitical instability. As a result, purchasers are buying Tether (USDT) with fiat, which is pegged to the price of the US dollar, according to Kuna, a well-known Ukrainian crypto exchange.

The creator of Kuna, Michael Chobanian, says, "We don't trust the government. We have little faith in the financial system. We have little faith in the native money.” The bulk of individuals have no other option except other than to invest in crypto assets.

Tether is a major cryptocurrency with a market valuation of over $79 billion. Tethers price is less volatile than other cryptocurrencies. While Bitcoin and Ethereum, as well as numerous other cryptocurrencies, have seen significant volatility in recent weeks as a result of rising global tensions, Tether, on the other hand, has stayed rather constant.

Ukraine, in particular, was on its way to becoming a crypto powerhouse. Ukraine had planned to open the Bitcoin market to companies and investors, according to the Kyiv Post. The inhabitants of Ukraine, on the other hand, awoke to the sounds of explosions and sirens warning them of bombings on Thursday. Fearful populations are fleeing war zones in large numbers. As hostilities rise, the rest of the world watches.

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