Following the declaration of martial law, Ukraine’s central bank temporarily suspended the country’s currency market, limited cash withdrawals, and prohibited the issuance of foreign currencies to the general public. Cash withdrawals were capped at 100,000 Ukrainian hryvnias per day, or about $3,339.13 USD.
Because the limitations are having a negative impact on Ukrainians’ life, a large number of people are turning to cryptocurrency as a solution. According to Kuna, a Ukrainian cryptocurrency exchange, USDT use has increased among the local people.
“The majority of the people have nothing else to choose apart from crypto,” Kuna’s CEO Michael Chobanian stated with journalists.
The desire for USDT and other stablecoins is a result of the larger cryptocurrency markets’ swinging volatility. Last week, Bitcoin, Ethereum, and other altcoins saw double-digit losses, while stablecoins reached a value top, with a market capitalization of over $180 billion.
The country announced that the country will accept donations in Bitcoin, Ethereum, and USDT on Saturday.
“To those who want to help in bitcoin. Bitcoin is officially legit in Ukraine — just like this account and this retweet. Don’t mind the comments of our Russian ‘brothers,’” Olexander Scherba, a longtime Ukrainian diplomat, tweeted Saturday.
The government apparently deleted its first post announcing the country would take crypto. “Stand with the people of Ukraine as we defend ourselves against Russian aggression,” the now-deleted tweet read. Its second post simply reads: “Stand with the people of Ukraine.” A few minutes later, Ukraine tweeted, “Sorry the team is exhausted without sleep, we make mistakes in tweets & tweet them again.”
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