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. Ethe
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