ethereum price prediction Bitcoin2022

ethereum price prediction Bitcoin2022

Cash transactions in Ukraine are on the decline as citizens turn to cryptocurrencies as a way out.
The country’s central bank announced restrictions on electronic cash transfers in lien with the imposition of the martial law.
Stablecoins like USDT have seen their usage spike over the last few days.
Ukrainians are turning to cryptocurrencies for day-to-day cash transactions in the wake of the armed conflicts with Russia. Donations have also flowed in Bitcoin, Ethereum, USDT, and other cryptocurrencies in the defense of the country.

Fiat is “Dead”, Cryptocurrencies To The Rescue
Ukrainian citizens were on the short end of the stick as the country’s central bank ordered the suspension of the issuance of e-money to electronic wallets. The Ukrainian Central Bank clarified that the term e-money applies to fiat currencies that are typically held on platforms like Paypal and Venmo.

The decision to place a restriction of fiat transactions on citizens is in line with the imposition of martial law in response to Russia’s invasion. According to a statement released by the bank, access to the foreign exchange markets has been limited and a cap on cash withdrawals has been imposed. The nail on the coffin was the ban on the issuance of foreign currency from retail bank accounts.

As the restrictions have adverse effects on the lives of Ukrainians, a large number of citizens are turning to cryptocurrencies as an answer. According to the local cryptocurrency exchange, Kuna, there has been a spike in the Tether’s USDT usage amongst the local population.



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